Johor: Petroliam Nasional Bhd (Petronas) and Saudi Arabian Oil Company (Aramco) today announced the signing of an agreement for the transfer of Aramco's equity stakes, held via Aramco Overseas Company B.V., in Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (collectively, PRefChem), located within the Pengerang Integrated Complex, Pengerang, Johor, to Petronas. Subject to the fulfillment of customary closing conditions, PRefChem will become wholly owned and operated by the Petronas group of companies. According to BERNAMA News Agency, full ownership of PRefChem enables Petronas to further enhance operational alignment and flexibility across its value chain while harnessing its international supply network and integrated operating model to support continued reliability across varying market conditions. They mentioned in a joint statement that this move is strategic for both companies. For Aramco, the transaction supports the strategic optimisation of its downstream portfolio, p roviding the company with additional flexibility to pursue investments aligned with its downstream strategy. The transaction was concluded on mutually agreed terms, reflecting the evolving strategic priorities of both parties. Petronas and Aramco will actively explore commercial arrangements following the transfer, including coordinated crude supply, technology exchange, and integrated product distribution, building on their multi-decade partnership. Both companies remain focused on delivering operational excellence and sustained value for stakeholders and the communities they serve, the statement added.