Aramco to buy stake in JV Petro Rabigh from Sumitomo Chemical

In:

Chemicals/Petrochemicals

Region:

Middle East & Africa

Saudi Aramco will buy from Japan's Sumitomo Chemical a 22.5% stake in their petrochemical JV Petro Rabigh for $702 million as part of a turnaround plan for the loss-making venture.Under the deal, Aramco and Sumitomo Chemical will each provide $702 million in funding to Petro Rabigh and waive...

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