Petronas Acquires Aramco’s Stake in PRefChem, Gaining Full Ownership

Deal Summary

Petronas has agreed to purchase Aramco’s stake in the Pengerang Refining and Petrochemical (PRefChem) complex, making the joint venture a wholly‑owned subsidiary of the national oil company. The deal, announced on May 25, 2026, marks a strategic shift for both firms as Aramco divests its downstream interests while Petronas seeks greater operational flexibility. The transaction value was not disclosed.