Aramco buys bigger stake in Saudi venture

Aramco has agreed to acquire 22.5% of Sumitomo Chemical’s interest in Rabigh Refining and Petrochemical, also known as Petro Rabigh, for $702 million. When the deal closes, Aramco will own 60% of PetroRabigh; Sumitomo will retain a 15% share. Petro Rabigh also trades on the Saudi stock exchange. The partners intend to shore up the finances of Petro Rabigh, which has been struggling in recent years. They also plan upgrades to Petro Rabigh’s refinery.