Saudi Aramco has increased its ownership in Petro Rabigh to 60 percent following a $702 million deal with Japan’s Sumitomo Chemical, strengthening its position in the Kingdom’s refining and petrochemical industries.
The transaction is part of Aramco’s broader strategy to enhance downstream integration, expand its footprint in chemicals and conversion technologies, and accelerate value creation across its global energy portfolio.
Aramco stated that the acquisition aligns with its commitment to support Saudi Arabia’s Vision 2030, by fostering industrial growth, local content development, and economic diversification.
The move builds upon Aramco’s longstanding partnership with Sumitomo, which began in 2005 with the establishment of Rabigh Refining and Petrochemical Co. (Petro Rabigh) as a joint venture.
Through this acquisition, Aramco aims to unlock new opportunities in advanced petrochemicals and sustainable materials, reinforcing its leadership in integrated energy and industrial innovation.
The deal further cements Aramco’s role as a key player in the global energy transition, advancing its mission to deliver sustainable growth, innovation, and long-term value for the Kingdom’s economy.
