# Aramco to acquire additional 22.5% stake in Petro Rabigh from Sumitomo Chemical

Aramco signed a definitive agreement to acquire an additional 22.5% stake in Petro Rabigh from Sumitomo Chemical for $702 million, increasing its ownership to about 60%, with additional financial measures to support Petro Rabigh.

- Type: Acquisition
- Announced: 2024-08-07
- Where: Rabigh, Saudi Arabia, Saudi Arabia
- Value: $702.0M
- Status: announced
- Capacity: 4.9 million tons of petrochemicals and 14.9 million tons of refined products per year
- Products: refined petroleum products, petrochemicals
- Sectors: [Specialty Chemicals](https://endata.com/sectors/specialty-chemicals.md)

## Companies

- [Aramco](https://endata.com/companies/2946.md) (acquirer)
- [Sumitomo Chemical](https://endata.com/companies/20503.md) (partner)
- [Petro Rabigh](https://endata.com/companies/30623.md) (target)
- [Rabigh Refining and Petrochemical Co. (Petro Rabigh)](https://endata.com/companies/67529.md) (target)

## Sources

- [aramco.com](https://www.aramco.com/en/news-media/news/2024/aramco-to-become-majority-shareholder-in-petro-rabigh), 2024-08-07: "Aramco to acquire additional Petro Rabigh shares from Sumitomo Chemical."
- [polimericanews.com](https://www.polimericanews.com/articolo.asp?id=17), 2024-09-04: "Aramco, the Saudi petrochemical giant, will raise its stake in Petro Rabigh to 60% by acquiring the 22.5% share owned by Sumitomo Chemical for $702 million, thereby taking control of the company."

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