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Saudi Aramco to Exit JVs with Malaysia's Petronas

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Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, agreed to transfer its stake in two joint venture companies to Malaysia's Petroliam Nasional, or Petronas.

Following the transfer, Petronas will own 100% of Pengerang Refining Co. and Pengerang Petrochemical Co., both located in the Pengerang Integrated Complex in Johor, Malaysia, according to a Monday release.

The companies plan to continue exploring commercial arrangements, including coordinated crude oil supply, technology exchange and integrated product distribution.

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