Petro Rabigh

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.

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.

Petro Rabigh and Saudi Top Plastic signed an MoU to build a SAR100 million (€25 million) polymer compounding facility at Rabigh PlusTech Park in Saudi Arabia, with a capacity of 50 ktpa of polymer compounds, rubber and industrial waxes.

Petro Rabigh signed a 10-year contract with KBR to provide maintenance services for its polymer plants in Rabigh, Saudi Arabia, aimed at improving plant reliability and asset performance.