Aramco to Buy PetroRabigh Stake for $700 Million From Sumitomo

Saudi Aramco agreed to buy an additional stake in PetroRabigh from its joint venture partner Sumitomo Chemical Co. for about $700 million.

Aramco will acquire about 22.5% of refining and chemical firm PetroRabigh from the Japanese company, taking its stake to 60% and Sumitomo Chemical’s to 15%, according to a statement Wednesday.

The shares will change hands at 7 Saudi riyals apiece. PetroRabigh’s shares closed at 7.40 riyals on Tuesday in Riyadh.

To contact the reporter on this story:
Rakteem Katakey in Dubai at rkatakey@bloomberg.net

To contact the editors responsible for this story:
Rakteem Katakey at rkatakey@bloomberg.net

Kateryna Kadabashy

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