Aramco Buys Additional 22.5% Stake In Rabigh Refining And Petrochemical Company For $702 Mln

(RTTNews) - Saudi Arabian Oil Company (2222.SR) or Aramco, Thursday announced the acquisition of an additional 22.5 percent stake in Rabigh Refining and Petrochemical Company from Sumitomo Chemical Corp. for $702 million.

The deal highlights the company's commitment to advance with a downstream strategy that promotes value creation, business integration and portfolio diversification.

As part of the deal, both companies agreed to invest a total of $1.4 billion to partly prepay Petro Rabigh's debt, supporting its future growth opportunities and strengthening its balance sheet.

Aramco's stock closed at SAR 24.84, down 0.12 percent on the Saudi.