The ownership of the $8bn second phase at the Rabigh Refining and Petrochemical Companys (PetroRabigh) complex on the Red Sea coast of Saudi Arabia is to be transferred to the company from Saudi Aramco and Japans Sumitomo Chemical.
The transfer of ownership comes after the terms of the initial agreement for the second phase including financing of the deal and the ongoing construction of the facility have now been met.
PetroRabigh is owned by Aramco and Sumitomo which each have a 37.5 per cent stake and the remainder being traded on the Saudi Arabian stock exchange (Tadawul). Aramco and Sumitomo planned and executed the expansion, but will now transfer ownership in full to PetroRabigh.
PetroRabigh phase II will process an additional 30 million cubic feet a year of ethane and 3 million tonnes a year (t/y) of naphtha.