Largest petrochemical complex in Malaysia | Source:PRefChem website (May 26, 2026)

Saudi Aramco and PETRONAS have jointly announced the signing of an agreement for the transfer of Aramco's full equity stakes in Pengerang Refining Company Sdn. Bhd. and Pengerang Petrochemical Company Sdn. Bhd. — the two entities collectively operating as PRefChem within the Pengerang Integrated Complex (PIC) in Johor, Malaysia — to PETRONAS.

Upon completion, PRefChem will become a wholly owned subsidiary of the PETRONAS Group, marking Aramco's full exit from a downstream partnership it entered in 2017, when it acquired a 50% stake in the Pengerang entities. The financial terms of the transaction have not been disclosed.

The transfer remains subject to customary closing conditions and no completion date has been publicly announced. Both companies confirmed that they intend to continue exploring areas of strategic cooperation beyond the scope of this transaction.

For Aramco, the divestment is consistent with a broader portfolio rationalisation that has seen the company consolidate majority control in strategically core downstream assets — most notably its recently increased 60% stake in Petro Rabigh and its co-ownership of the USD 11 billion Amiral petrochemical complex at SATORP in Jubail. A non-operated, equal-share joint venture in Malaysia is a natural candidate for exit under this strategic lens.

For PETRONAS, full ownership eliminates joint governance complexity and allows unimpeded integration of PRefChem into its national downstream strategy.

ppPLUS will update the shareholding records for Pengerang Refining Company Sdn. Bhd. (here) and Pengerang Petrochemical Company Sdn. Bhd. (here) upon confirmation of the formal closing of this transaction.

Sources: PETRONAS, Saudi Aramco, Reuters, New Straits Times, Hydrocarbon Processing

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