Aramco to supply 70 per cent crude to the company
Saudi Aramco’s polymer unit has bought a 50 per cent stake in Malysia’s Petronas Chemicals subsidiary for $900m, according to a statement posted on the Malaysian bourse.
Saudi-owned Aramco Overseas Coöperatief will take over half of PRPC Polymers, which is to be involved in the commissioning, development, production and sale of polymer products.
As per terms of the agreement, Saudi Aramco will supply up to 70 per cent crude to the facility, which has yet to begin operations.
Energy giants such as Aramco and Kuwait Petroleum Corporation have in recent years sought to enhance their East Asian downstream and refining portfolios in a bid to find stable markets for their crude.