What specific assets is Saudi Aramco transferring to PETRONAS, and what will be the ownership structure of PRefChem after the transaction?

Saudi Aramco is transferring its equity stakes in Pengerang Refining Company and Pengerang Petrochemical Company (PRefChem) to PETRONAS. PRefChem is a 50:50 joint venture comprising those two entities, with a refining capacity of 300,000 barrels/day and a petrochemical capacity of 3.4 million tonne/year. After the transfer, PETRONAS will fully own PRefChem.

Why is Saudi Aramco exiting the joint venture, and what future cooperation remains possible between the two companies?

The exit reflects the 'evolving strategic priorities of both parties', as stated in the announcement, and the transaction was concluded on mutually agreed terms. Although Aramco is withdrawing its equity stake, the companies confirmed they will 'actively explore commercial arrangements' post-transfer, including coordinated crude oil supply, technology exchange, and integrated product distribution—building on their multi-decade partnership.

Saudi Aramco exits Malaysia petrochemical joint venture with PETRONAS

May 26, 2026

Saudi Aramco exits its 50:50 petrochemical joint venture with PETRONAS in Malaysia, transferring all equity to the Malaysian firm. PRefChem becomes fully owned by PETRONAS, though both parties plan future cooperation on crude supply and technology.

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