Saudi Aramco Acquires Major Stake in Petro Rabigh

Saudi Aramco has entered into a sale and purchase agreement with Sumitomo to acquire approximately 22.5% of the share capital of Petro Rabigh. The transaction will result in Aramco owning 60% of Petro Rabigh, with Sumitomo retaining 15% and the public holding the remaining 25%. The deal is valued at SAR 2.63 billion and includes plans to inject additional funds to improve Petro Rabigh's financial position.

Saudi Aramco has announced a strategic move to acquire a significant stake in Petro Rabigh, through a partnership with Sumitomo.

The deal, valued at SAR 2.63 billion, will see Aramco acquiring approximately 22.5% of the share capital of Petro Rabigh, bringing its total ownership to 60%. Sumitomo will retain 15%, and the public will continue to own 25% of the company.

This transaction includes an agreement to inject SAR 5.26 billion in additional funds into Petro Rabigh. Furthermore, Aramco and Sumitomo will waive existing revolving shareholder loans amounting to $1.5 billion, as part of efforts to enhance the financial stability of Petro Rabigh.

(With inputs from agencies.)