KUALA LUMPUR — Petroliam Nasional Berhad (PETRONAS) is set to gain full ownership of Pengerang Refining Company Sdn. Bhd. and Pengerang Petrochemical Company Sdn. Bhd., collectively known as PRefChem.
According to a joint statement, PETRONAS and Saudi Aramco have signed an agreement for the transfer of Aramco’s entire equity stakes in the joint venture, located within the Pengerang Integrated Complex (PIC) in Johor, to the Malaysian national oil company.
The completion of the transaction is subject to customary closing conditions, after which PRefChem will officially become a wholly owned and operated subsidiary of the PETRONAS Group.
For PETRONAS, acquiring full ownership will enable the group to enhance operational alignment and flexibility across its value chain. It will also allow the company to leverage its international supply network and integrated operating model to maintain reliability amid changing market conditions.
Meanwhile, Aramco stated that the transaction supports the strategic optimization of its downstream portfolio. The move provides the global energy giant with additional flexibility to pursue investments aligned with its broader downstream strategy.
The companies noted that the transaction was concluded on mutually agreed terms, reflecting the evolving strategic priorities of both entities.
Moving forward, PETRONAS and Aramco will continue to build on their multi-decade partnership by actively exploring future commercial arrangements. These prospective collaborations include coordinated crude oil supply, technology exchange, and integrated product distribution.
Both companies reiterated their shared commitment to delivering operational excellence and sustained value for their stakeholders and the communities they serve.
