DHAHRAN, Saudi Arabia – Today’s announcement that Aramco has signed a definitive agreement to increase its stake in Rabigh Refining and Petrochemical Company (“Petro Rabigh”) reflects strong belief in Petro Rabigh’s long-term prospects, and its potential to deliver long-term value for customers and shareholders.

Upon conclusion of the share transaction, which is conditional on regulatory approvals and other third-party consents, Aramco is set to become a majority stakeholder in Petro Rabigh and looks forward to closer integration with Petro Rabigh. Aramco intends to work with Petro Rabigh to explore a range of transformation initiatives that aim to help augment Petro Rabigh’s offerings to both domestic and international markets.

In addition to helping improve Petro Rabigh’s financial position, the share transaction is expected to pave the way for discussions around further possible structural investments, in accordance with applicable governance, intended to improve Petro Rabigh’s performance and support its turnaround strategy, with a view to identifying potential opportunities to elevate its financial performance through upgrading its product mix, enhancing its asset reliability and optimizing its operations. Petro Rabigh is also expected to benefit from greater efficiency achieved through economies of scale.

Mohammed Y. Al Qahtani, Aramco Downstream President, said: “The share transaction also illustrates Aramco’s commitment to its partners and affiliates as it forges ahead with its long-term strategy, which includes an emphasis on downstream growth and value creation.”

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