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.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.