{"id":101346,"date":"2025-10-12T00:00:00","date_gmt":"2025-10-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/10\/12\/aramco-now-owns-60-of-petro-rabigh\/"},"modified":"2025-10-12T00:00:00","modified_gmt":"2025-10-12T00:00:00","slug":"aramco-now-owns-60-of-petro-rabigh","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/10\/12\/aramco-now-owns-60-of-petro-rabigh\/","title":{"rendered":"Aramco now owns 60% of Petro Rabigh"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">It\u2019s a wrap for <\/strong><strong style=\"background-color: transparent;\">Petro Rabigh acquisition:<\/strong><span style=\"background-color: transparent;\"> Saudi Aramco finalized its SAR 2.6 bn (c. USD 701.7 mn) acquisition of a 22.5% stake in its refining and petrochemicals joint venture Rabigh Refining and Petrochemical Company (Petro Rabigh) from Japan\u2019s Sumitomo Chemical, the companies said in two separate disclosures to Tadawul (<\/span><a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=90607&amp;anCat=1&amp;cs=2380&amp;locale=en\" rel=\"noopener\">here<\/a><span style=\"background-color: transparent;\"> and <\/span><a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=90600&amp;anCat=1&amp;cs=2222&amp;locale=en\" rel=\"noopener\">here<\/a><span style=\"background-color: transparent;\">) on Thursday. The companies had been pursuing the move since their <\/span><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e7f765ed-7098-437e-a070-c3d229381b06\/aramco-is-getting-another-slice-of%253cmark%253e-petro%253c%2Fmark%253e%253cmark%253e-rabigh%253c%2Fmark%253e-%2B-extending-a-fresh-loan\" rel=\"noopener\">August 2024 binding agreement<\/a><span style=\"background-color: transparent;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who owns what? <\/strong>Aramco now owns 60% of the joint venture, after purchasing some 376k Class A shares at SAR 7 apiece, while Sumitomo\u2019s stake is down to 15% stake and other shareholders retain 25%. Aramco is restricted from selling the newly acquired shares for a period of six months without prior approval from the Capital Market Authority.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fresh funding and loan waivers:<\/strong> Aramco and Sumitomo will also provide Petro Rabigh with an additional SAR 5.3 bn (c. USD 1.4 bn) in funding \u2014 through Class B shares \u2014 and waive SAR 5.6 bn (USD 1.5 bn) in existing revolving loans previously extended to Petro Rabigh.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Petro Rabigh has been preparing:<\/strong> Petro Rabigh completed a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ecdbfd5b-0956-40d8-b5df-cb05fdbfdb01\/%253cmark%253e%253c%2Fmark%253epetro%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253erabigh%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eto%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253erestructure%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ecapital%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ewith%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253esar%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253e5%253cmark%253e%253c%2Fmark%253e.%253cmark%253e%253c%2Fmark%253e3%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ebn%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253einjection%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253efrom%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253earamco%253cmark%253e%253c%2Fmark%253e,%253c%253cmark%253e%253c%2Fmark%253emark%253cmark%253e%253c%2Fmark%253e%253e%253cmark%253e%253c%2Fmark%253e%253cmark%253e%253c%2Fmark%253esumitomo%253cmark%253e%253c%2Fmark%253e%253c%2F%253cmark%253e%253c%2Fmark%253emark%253cmark%253e%253c%2Fmark%253e%253e\" style=\"\" rel=\"noopener\">two-step restructuring<\/a> to strengthen its balance sheet ahead of the transaction. The company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8b424368-62a8-4969-8f3c-5823726b905e\/%253cmark%253e%253c%2Fmark%253erecord%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ewave%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eof%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253emegadeals%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253epushes%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253em%253cmark%253e%253c%2Fmark%253e&amp;%253cmark%253e%253c%2Fmark%253ea%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253epast%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eusd%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253e1%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253etn%253cmark%253e%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">raised its capital<\/a> by 31.5% to SAR 22 bn through the issuance of 526.4 mn new Class B shares to Aramco and Sumitomo, generating SAR 5.3 bn in banknotes. The capital was then reduced back to SAR 16.71 bn to write off accumulated losses of the same amount.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The moves are meant to help turn around Petro Rabigh\u2019s finances<\/strong>, after losses widened to SAR 1.4 bn in 1Q 2024, pushing cumulative losses to SAR 8.9 bn, equivalent to over 53% of its capital \u2014 above the regulatory threshold requiring corrective action. The company\u2019s performance has since improved, with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/cb631373-b9ef-4cec-9563-f330869cf612\/2q-results-keep-pouring-in\" style=\"\" rel=\"noopener\">net losses narrowing to SAR 2.06 bn<\/a> in 1H 2025, from SAR 2.47 bn a year earlier, though revenue fell 13.6% y-o-y to SAR 15.5 bn. Accumulated losses stood at SAR 7.34 bn by end-1H, equivalent to 43.9% of capital.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story also got ink from <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/aramco-completes-deal-up-stake-struggling-jv-petro-rabigh-2025-10-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong><strong>.<\/strong><\/p>\n<p class=\"tag-border-left\">IN OTHER M&amp;A NEWS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sasco\u2019s<\/strong><strong> subsidiary acquisition of 70% of Tadbeer is now live:<\/strong> Tadawul-listed <a target=\"_blank\" href=\"https:\/\/www.sasco.com.sa\/\" style=\"\" rel=\"noopener\">Saudi<\/a><a target=\"_blank\" href=\"https:\/\/www.sasco.com.sa\/\" style=\"\" rel=\"noopener\">Automotive Services<\/a> \u2019 (Sasco) subsidiary <a target=\"_blank\" href=\"https:\/\/www.sasco.com.sa\/investments-and-equipment-company\" style=\"\" rel=\"noopener\">Investment and Equipment<\/a> finalized an SAR 85 mn agreement to acquire 70% of <a target=\"_blank\" href=\"https:\/\/tadbeerco.com\/home\" style=\"\" rel=\"noopener\">Tadbeer Recruitment<\/a> after it secured a class A license and converted Tadbeer to class A from B, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=90617&amp;anCat=1&amp;cs=4050&amp;locale=en\" style=\"\" rel=\"noopener\">Tadawul disclosure<\/a> on Thursday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>Class A and class B shares are two different types of stocks that carry different voting rights, availability and value. Class A stocks typically offer greater voting power granting holders a stronger say in company decisions. These shares are usually given to executives, management, founders or key stakeholders to retain control over the company. In some cases, one class A stock can be converted to multiple class B stocks, making them more valuable.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>Sasco\u2019s subsidiary inked a definitive agreement for the acquisition <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f029ccfd-d298-4012-8171-7bbaa4ab9746\" style=\"\" rel=\"noopener\">in<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f029ccfd-d298-4012-8171-7bbaa4ab9746\" style=\"\" rel=\"noopener\">January<\/a>. This came after signing an MoU in August 2024, in which Investments and Equipment <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=84801&amp;anCat=1&amp;cs=4050&amp;locale=en\" style=\"\" rel=\"noopener\">increased the capital<\/a> of Tadbeer from 20 mn to 100 mn via the class upgrade.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax: <\/strong>Sasco\u2019s share price rose 10% to SAR 65.15 on Thursday\u2019s close.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Aramco now owns 60% of its refining and petrochemicals joint venture<\/p>\n","protected":false},"author":1,"featured_media":101347,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[139,10,2720,14,1053],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-101346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-aramco","tag-enterpriseam-ksa","tag-ma","tag-ma-watch","tag-petro-rabigh","wpautop","entry"],"acf":{"mongo_id":"0ec81482-21d8-4c40-9ac4-029141c0b9bb","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/5\/989.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco acquires additional 22.5% stake in Petro Rabigh from Sumitomo","related_issue":[101341],"teaser":"Saudi Aramco now owns 60% of its refining and petrochemicals joint venture","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/10\/.060b3bd5-4719-4e9e-84bd-31092abb4742.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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