Malaysia's Petronas expands control over strategic refining, petrochemicals value chain
Petronas Refinery and Petrochemical Corporation Sdn Bhd will acquire the stake held by Saudi Arabian Oil Company (Aramco) in Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (PRefChem), located within the Pengerang Integrated Complex, Pengerang, Johor.
Kuala Lumpur (VNA) – Malaysia's state-owned energy company Petronas on May 25 announced that it is to acquire full ownership stakes in several companies, strengthening its control over the local strategic refining and petrochemicals value chain.
As reported by Malaysia’s national news agency Bernama, its subsidiary, Petronas Refinery and Petrochemical Corporation Sdn Bhd, will acquire the stake held by Saudi Arabian Oil Company (Aramco) in Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (PRefChem), located within the Pengerang Integrated Complex, Pengerang, Johor.
“Subject to the fulfilment of customary closing conditions, PRefChem will become wholly owned and operated by the Petronas group of companies. Recent developments in global energy markets have underscored the importance of operational agility for energy infrastructure of strategic national significance,” the company said in a statement released on May 25.
“This acquisition will enable Petronas to take full control and further enhance operational alignment and flexibility across PRefChem’s value chain, while harnessing its international oil supply network and integrated operating model to support continued reliability and resilience across varying market conditions,” the statement wrote.
Petronas said it remains steadfast in its commitment to Malaysia’s energy security and to building the international presence and partnerships that will position Malaysia as a progressive energy nation for decades to come./.
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