Petronas and Aramco units in divestment deal as part of refinery tie-up

Kuala Lumpur

FOLLOWING an earlier agreement between national oil companies Petronas and Saudi Aramco to team up in the Johor Pengerang refinery and cracker project, Petronas Chemicals Group Bhd (PetChem) has divested half of its equity interest and shareholder loans in wholly-owned subsidiary PRPC Polymers Sdn Bhd to Aramco Overseas Holdings Cooperatief UA (AOHC) for US$0.9 billion or RM3.8 billion.

On Sept 29, a share purchase agreement for the divestment was entered into between PetChem - a unit of Petronas - and AOHC, Saudi Aramco's wholly owned subsidiary, the former said in a filing to the stock exchange on Monday.