Saudi Arabian Oil Co (Aramco) has agreed to sell its stake in a refining and petrochemical complex in the Malaysian state of Johor to the Southeast Asian country's state-owned Petroliam Nasional Bhd.
The transaction involves Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Co Sdn Bhd, collectively PRefChem. PRefChem operates a refinery with a crude oil processing capacity of 300,000 barrels per day, producing diesel, gasoline and jet fuel.
The refinery also supplies the petrochemical site, which has a nameplate capacity of 3.4 million metric tons a year for benzene, butadiene, ethylene, MTBE and propylene production, the joint venture says on its website.
"Recent developments in global energy markets have underscored the importance of operational agility for energy infrastructure of strategic national significance", Petronas said in an online statement. "Full ownership of PRefChem strengthens Petronas' ability to support Malaysia’s long-term energy security and industry resilience.
"This acquisition will enable Petronas to take full control and further enhance operational alignment and flexibility across PRefChem's value chain, while harnessing its international oil supply network and integrated operating model to support continued reliability and resilience across varying market conditions.
Original story Aramco Exits Malaysian Refining, Petrochemical Complex | Rigzone
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