Saudi Aramco seeks downstream expansion in Asia with Petronas JVs

Saudi Arabian Oil Company (Saudi Aramco) seeks to increase its presence in the Asia-Pacific region through joint petrochemical and refining ventures with Malaysia’s national oil company, Petroliam Nasional Berhad (Petronas).

The Saudi Aramco-Petronas joint ventures (JVs) in the Pengerang Integrated Complex (PIC), located in Pengerang, Johor, Malaysia, is an integral part of Saudi Aramco’s refining and fuels marketing and chemicals business strategies, said Amin H Nasser, President & Chief Executive Officer of Saudi Aramco.

These will also position Malaysia as a prolific regional energy hub, at the same time serve to enhance energy security in the Asia-Pacific region.

“We are committed to help enhance the area’s prosperity and look forward to this new stage of cooperation with our valued partner Petronas,” added Nasser.

On 15 May, a ceremony was held to launch the corporate identity for the PIC JVs, namely Pengerang Refining Company Sdn Bhd (PRefChem Refining) and Pengerang Petrochemical Company Sdn Bhd (PRefChem Petrochemical), collectively known as PRefChem.

Commenting on the visual identity, Colin Wong Hee Huing, Chairman and Chief Executive Officer of the two companies, said that the circular movement of the logo represents collaboration, precision, and bonding between Petronas and Saudi Aramco, while the blue and green colors portray PRefChem as a vibrant, dynamic, and environmentally friendly company.

Petronas and Saudi Aramco had earlier in March 2018 concluded the Share Purchase Agreement for equal ownership and participation in the operations of the refinery, cracker, and selected petrochemical facilities in the PIC.