Petro Rabigh unites the unsurpassed resources and experience of Saudi Aramco with the leading technological capabilities of Sumitomo Chemical from Japan. Saudi Aramco and Sumitomo Chemical established the company in September 2005 as an equally owned joint venture, and construction on the petrochemical complex commenced in March 2006. With a planned investment totaling US$ 9.8 billion – approximately US$5.8 billion of which was procured through project finance, it was the largest single foreign direct investment in Saudi Arabian history.
In January 2008, Petro Rabigh held its initial public offering (IPO) on the Saudi Arabian stock exchange, Tadawul. 4.5 million Saudi citizens participated in the IPO, covering the share value five-fold, and ownership of shares held by Saudi Aramco and Sumitomo Chemical changed to 37.5% each.