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Petronas to Take Full Ownership of Joint Venture with Saudi Aramco

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Petroliam Nasional (PETRONAS) agreed to acquire Saudi Aramco's stakes in Pengerang Refining and Pengerang Petrochemical, collectively known as PRefChem, according to a Monday press release.

Subject to closing conditions, the deal will make the joint venture a wholly owned unit of PETRONAS.

The acquisition will boost operational alignment and flexibility across PRefChem's value chain, PETRONAS said.

Both companies said they will continue exploring commercial cooperation, including crude supply coordination, technology exchange, and product distribution.

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