Saudi Aramco and
Sumitomo Chemical started the Petro Rabigh Project
with the aim of building integrated oil refining and
petrochemical operations by way of upgrading Saudi
Aramco’s oil refinery and constructing a new
petrochemical complex. A joint venture agreement was
signed between Saudi Aramco and Sumitomo Chemical in
August 2005 and Petro Rabigh was established, an
equally owned joint venture to run the Rabigh
complex, in September of the same year.
commenced in March 2006, with a planned investment
totaling US$ 9.8 billion – approximately 60% of
which, or US$5.8 billion, was procured through
In January 2008,
Petro Rabigh held its initial public offering (IPO)
on the Saudi Arabian stock exchange, and this
changed the ownership of the company by Saudi Aramco
and Sumitomo Chemical to 37.5% each. In October
2008, Saudi Aramco transferred its oil refinery to
Petro Rabigh, and the newly completed Rabigh complex
began operations in April 2009.
A total of 4.5
million Saudi citizens participated in the IPO
process, covering the share value by 5 folds.