- Aramco acquires an additional 22.5% stake in Petro Rabigh for $702 million.
- Aramco and Sumitomo inject $1.4 billion to prepay Petro Rabigh's debt.
- Petro Rabigh issues Class B shares to raise capital without altering governance.
- Aramco and Sumitomo waive $1.5 billion in shareholder loans to improve capital structure.
Stake Acquisition
Aramco has acquired an additional 22.5% stake in Rabigh Refining and Petrochemical Company (Petro Rabigh) from Sumitomo Chemical Corporation for $702 million, increasing its total stake to approximately 60%.
Financial Injection
As part of the transaction, Aramco and Sumitomo will inject $1.4 billion to partly prepay Petro Rabigh's debt, supporting its growth and strengthening its balance sheet. This will be achieved through the issuance of Class B shares, fully subscribed by Aramco and Sumitomo, without altering Petro Rabigh's governance structure.
Loan Waiver
Aramco and Sumitomo have also waived a total of $1.5 billion in shareholder loans to Petro Rabigh, completed in two phases in August 2024 and January 2025, to improve its capital structure and address accumulated losses.
Asset Upgrades
The transaction enhances Aramco's ability to support Petro Rabigh's transformation program, which includes targeted asset upgrades aimed at improving the yield of high-margin products and enhancing plant reliability.
