Petronas and Aramco units in divestment deal as part of refinery tie-up
Add BT as a preferred sourceKuala 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.
TRENDING NOW
DBS, OCBC and UOB shares hit all-time highs as sentiment improves
E-commerce job cuts signal S-E Asia’s shift from scaling to deeper user engagement
Targeted credit relief: Vietnam steers funding to Vingroup, Sun Group, Masterise megaprojects
With AI, it’s not about coding better; workers need to think better: Koh Boon Hwee
