(Bloomberg) -- Saudi Aramco agreed to buy an additional stake in PetroRabigh from its joint venture partner Sumitomo Chemical Co. for about $700 million.
Aramco will acquire about 22.5% of refining and chemical firm PetroRabigh from the Japanese company, taking its stake to 60% and Sumitomo Chemical’s to 15%, according to a statement Wednesday.
The shares will change hands at 7 Saudi riyals apiece. PetroRabigh’s shares closed at 7.40 riyals on Tuesday in Riyadh.