According to an official statement, Aramco will purchase 22.5% of Rabigh Refining and Petrochemical Co. from the Japanese firm, thereby increasing its total ownership to 60%. Consequently, Sumitomo Chemical’s share will decrease to 15%.
Crude oil prices surged on Friday, 09 August, marking their first weekly gain since early July. This rise was driven by positive economic indicators and hints from Federal Reserve policymakers that interest rate cuts could come as early as September, alleviating demand concerns.