Aramco divests downstream assets in Malaysia

DHAHRAN, May 26, 2026 – Aramco has signed an agreement to transfer the entirety of its equity stakes in Malaysia’s Pengerang Refining Company and Pengerang Petrochemical Company (PRefChem) to Petronas, the companies announced on Monday.

The assets are located within the Pengerang Integrated Complex in Johor, southern Malaysia. Following the close of the transaction, which is subject to customary closing conditions and regulatory approvals, PRefChem will become a wholly owned and operated subsidiary of Petronas.

For Aramco, the transaction is part of ongoing efforts to optimise its downstream portfolio and will provide flexibility to pursue alternative investments. Petronas said that full ownership of the facilities will enhance operational alignment across its value chain.

Existing crude supply agreements between the companies will not be affected by the transaction, and the companies will continue to explore commercial collaborations in the distribution of petroleum products. Aramco and Petronas did not immediately disclose the financial terms of the deal.

Photo courtesy of Petronas

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