Kuala lumpur: Petronas announced today that its subsidiary, Petronas Refinery and Petrochemical Corporation Sdn Bhd, is set to acquire the stake held by Saudi Arabian Oil Company (Aramco) in Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (PRefChem), located within the Pengerang Integrated Complex, Pengerang, Johor.

According to BERNAMA News Agency, subject to the fulfilment of customary closing conditions, PRefChem will become wholly owned and operated by the Petronas group of companies. Recent developments in global energy markets have underscored the importance of operational agility for energy infrastructure of strategic national significance, Petronas stated in a release today.

Full ownership of PRefChem strengthens the oil and gas company's ability to support Malaysia's long-term energy security and industry resilience. The acquisition enables Petronas to take full control and further enhance operational alignment and flexibility across PRefChem's value chain, leveraging its international oil supply network and integrated operating model to support continued reliability and resilience across varying market conditions.

Separately, crude supply arrangements between Aramco and Petronas under the existing commercial agreement remain unaffected by this transaction. Petronas reaffirmed its commitment to Malaysia's energy security and to building the international presence and partnerships that will position Malaysia as a progressive energy nation for decades to come.