By MalayMail
KUALA LUMPUR, May 26 — Petronas announced today that its subsidiary, Petronas Refinery and Petrochemical Corporation Sdn Bhd, is set to 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,” it said in a statement released here yesterday.
Full ownership of PRefChem strengthens the oil and gas company’s ability to support Malaysia’s long-term energy security and industry resilience.
“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,” it said.
Separately, crude supply arrangements between Aramco and Petronas under existing commercial agreement remain unaffected by this transaction.
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.
PRefChem is part of the Pengerang Integrated Petroleum Complex (PIPC), a flagship development under the Johor-Singapore Special Economic Zone (JS-SEZ).
PIPC is a downstream oil and gas hub accommodating oil refineries, oil storage facilities, petrochemical and petrochemical product manufacturing plants. It spans about 9,269 hectares of land and 25 years of development. — Bernama
Source: petronas-takes-full-control-of-prefchem-in-move-to-boost-malaysias-energy-security
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