# 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.

- Type: Acquisition
- Announced: 2024-08-01
- Where: Saudi Arabia
- Value: $702.0M
- Status: announced
- Products: refined products, petrochemical products
- Sectors: [Specialty Chemicals](https://endata.com/sectors/specialty-chemicals.md)

## Companies

- [Saudi Aramco](https://endata.com/companies/304.md) (acquirer)
- [Sumitomo Chemical](https://endata.com/companies/20503.md) (target)
- [Petro Rabigh](https://endata.com/companies/30623.md) (target)

## Sources

- [hydrocarbonprocessing.com](https://www.hydrocarbonprocessing.com/news/2024/08/aramco-to-buy-stake-in-jv-petro-rabigh-from-sumitomo-chem/), 2024-08-01: "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."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.