Saudi Aramco and Sumitomo's Strategic Stake Realignment in Petro Rabigh

Saudi Aramco is set to acquire approximately 22.5% of Petro Rabigh's share capital from Sumitomo. This transaction will increase Aramco's ownership to about 60%, while Sumitomo will retain 15% and the public 25%. The deal includes financial measures to enhance Petro Rabigh’s position.

Saudi Aramco has announced an agreement to purchase approximately 22.5% of Petro Rabigh's share capital from Sumitomo.

Following the completion of this transaction, Saudi Aramco's ownership in Petro Rabigh will rise to around 60%, with Sumitomo holding onto 15% and the public maintaining the remaining 25% stake.

The companies have committed to steps aimed at improving Petro Rabigh's financial standing, including injecting SAR 5.26 billion and waiving existing shareholder loans totaling $1.5 billion.

(With inputs from agencies.)