DHAHRAN, Saudi Arabia—Saudi Arabian Oil Co. partnered with Petronas Chemicals Group Berhad to enhance the positioning of its petrochemicals projects within the Petronas Pengerang Integrated Complex in the southern Malaysian state of Johor.
Under the venture's share purchase agreement signed between PCG and Saudi Aramco's Aramco Overseas Holding Cooperatif U.A. subsidiary, the parties have equal ownership in PRPC Polymers Sdn. Bhd. within PIC, according to a company statement.
The new agreement was signed by Said Al-Hadrami, vice president of international operations for Saudi Aramco, and Datuk Sazali Hamzah, Petronas vice president and PCG managing director and CEO.
It strengthens Saudi Aramco's position and growth in South East Asia through crude supply and downstream operations, Al-Hadrami said.
"Through this venture, we will also achieve a high degree of integration between refining and petrochemicals, with petrochemicals production greater than 10 percent of crude intake."