Aramco to buy 22.5% stake in Petro Rabigh from Sumitomo Chemical for $702M

Saudi Aramco will acquire a 22.5% stake in petrochemical joint venture Petro Rabigh from Sumitomo Chemical for $702 million, increasing its stake to 60%. Both parents will also provide $702 million each in funding and waive $1.5 billion in loans.

“While we had decided not to increase our exposure to Petro Rabigh, we came up with the idea to cash our stake and inject the cash to the JV.”hydrocarbonprocessing.com

• 1 source
• hydrocarbonprocessing.comAramco to buy stake in JV Petro Rabigh from Sumitomo ChemAug 1, 2024

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