Saudi Aramco has entered into a strategic partnership with Petronas Chemicals Group Berhad (PCG) to enhance the value and competitive positioning of its petrochemicals projects within the PETRONAS Pengerang Integrated Complex (PIC) in the southern Malaysian state of Johor. The partnership marks a strategic, mutually beneficial relationship that will provide PIC with high-impact strengths and synergies from both Saudi Aramco and PCG. Under the terms of the venture's share purchase agreement (SPA), signed between PCG and Saudi Aramco's Aramco Overseas Holding Cooperatif U.A. (AOHC) subsidiary, the parties have equal ownership in PRPC Polymers Sdn Bhd (PRPC Polymers) within PIC. The signing of this agreement with PCG is another positive milestone for Saudi Aramco after the signing of the SPA with PCG's parent company Petronas during the visit of the Custodian of The Two Holy Mosques King Salman bin Abdulaziz Al Saud to Malaysia last February. The agreement was signed by Saudi Aramco VP International Operations, Said Al-Hadrami and PETRONAS VP and PCG Managing Director / Chief Executive Officer, Datuk Sazali Hamzah. "This venture leverages the historic partnership between Saudi Aramco and PETRONAS that was recently sealed during the visit of the Custodian of The Two Holy Mosques to Malaysia. Given PCG's strength in the region's petrochemicals sector, Saudi Aramco is proud to be entering into a deeper, mutually beneficial partnership in PIC." said Saudi Aramco VP International Operations, Said Al-Hadrami. --More 13:44 LOCAL TIME 10:44 GMT www.spa.gov.sa/1672998
