Aramco has increased its stake in Rabigh Refining and Petrochemical Company (Petro Rabigh) to about 60 per cent by acquiring an additional 22.5 per cent from Sumitomo Chemical for $702 million.

The deal, announced in August 2024, includes a $1.4 billion capital injection to prepay debt, improving Petro Rabigh’s balance sheet.

Both companies also waived $1.5 billion in shareholder loans, ensuring governance stability while allowing for new capital through Class B shares.