Malaysia's Petronas Refinery and Petrochemical Corp (PRPC) has signed an agreement to acquire the equity stake held by Saidi Aramco in PePengerang Refining Company Sdn. Bhd. and Pengerang Petrochemical Company Sdn. Bhd. (PRefChem), locating in Johor. Petronas released it on Monday. PRefChem will become wholly owned and operated by the PETRONAS Group.

According to the statement by Petronas, crude supply arrangements with Aramco under existing commercial agreements are unaffected by the transaction. PRefChem's refinery has the 300,000b/d crude distillation unit and one naphtha cracker with the annual ethylene production capacity of 1.30 mil mt.