Saudi Aramco agreed to buy an additional stake in PetroRabigh from its joint venture partner Sumitomo Chemical Co. for $702 million. PetroRabigh shares rose the most since 2021.
Aramco will acquire 22.5 per cent of Rabigh Refining and Petrochemical Co. from the Japanese company, taking its stake to 60 per cent and Sumitomo Chemical’s to 15 per cent, according to a statement Wednesday.