In a joint statement, the two oil and gas companies said they signed the agreement today for Aramco to transfer its stake in PRefChem, which is located in the Pengerang Integrated Complex, to Petronas.

This would effectively make the two companies wholly-owned and wholly-operated subsidiaries of Petronas.

“Full ownership of PRefChem enables Petronas to further enhance operational alignment and flexibility across its value chain while harnessing its international supply network and integrated operating model to support continued reliability across varying market conditions.

“For Aramco, the transaction supports the strategic optimisation of its downstream portfolio, providing the company with additional flexibility to pursue investments aligned with its downstream strategy,” they said.

In a separate statement, Petronas said its subsidiary, Petronas Refinery and Petrochemical Corporation Sdn Bhd, had signed the agreement with Aramco.

It said recent developments in the global energy market highlighted the need to ensure operational agility for energy infrastructure of strategic national significance.

“Full ownership of PRefChem strengthens Petronas’s ability to support Malaysia’s long-term energy security and industry resilience.

“Crude supply arrangements between Aramco and Petronas under existing commercial agreements remain unaffected by this transaction,” said the national oil and gas firm.