Saudi Arabian Oil Company signed a definitive agreement to acquire an additional 22.50% stake in Rabigh Refining and Petrochemical Company from Sumitomo Chemical Company, Limited for approximately $700 million.

Saudi Arabian Oil Company (SASE:2222) signed a definitive agreement to acquire an additional 22.50% stake in Rabigh Refining and Petrochemical Company (SASE:2380) from Sumitomo Chemical Company, Limited (TSE:4005) for approximately $700 million on August 7, 2024. Upon completion, Saudi Arabian Oil Company will own 60% stake in Rabigh Refining and Petrochemical Company. Sumitomo Chemical will retain 15% stake and other general shareholders will hold 25% stake.

All proceeds received by Sumitomo will be injected into Petro Rabigh. The transaction is subject to regulatory and third party approvals.