Logo ofRabigh Refining and Petrochemical Co.
Rabigh Refining and Petrochemical Co. (Petro Rabigh) said it has agreed with Saudi Arabian Oil Co. (Aramco), Sumitomo Chemical Co., and their affiliates to transfer product marketing rights currently held by Sumitomo to Aramco and its subsidiaries, giving Aramco full marketing rights for Petro Rabigh’s products upon completion. 
In a Tadawul filing, Petro Rabigh said the deal was reached through a set of Amendment Agreements signed among the parties.
These include an amendment between Petro Rabigh, Aramco, and Sumitomo covering certain refined products marketing and sales agreements. Another amendment was signed between Petro Rabigh, Aramco, Saudi Basic Industries Corp. (SABIC), Aramco Trading Co. (ATC), Arlanxeo Netherlands BV Co., Sumitomo, and Sumitomo Chemical Asia Pte. Ltd. regarding petrochemical products marketing agreements.
To implement the changes, Petro Rabigh also signed release documents, collectively with the amendments referred to as the transaction documents. These include a consolidated termination and release agreement under English law between Petro Rabigh, SABIC, Aramco Trading, Arlanxeo Netherlands BV, Sumitomo, Sumitomo Chemical Asia, Citicorp Trustee Ltd. as external security trustee, and HSBC Saudi Arabia Co. as local security agent, both representing certain priority creditors.
Another termination and release agreement was signed under Saudi law between Petro Rabigh and HSBC, acting as local security agent on behalf of certain priority creditors.
Petro Rabigh said the documents terminate guarantees provided by Sumitomo for its affiliates under certain marketing agreements, which will cease to apply after the transfer, and release some guarantees granted to priority creditors related to the marketing of refined and petrochemical products.
The company said the final transaction documents were signed today, adding that the transfer of marketing rights and release of guarantees remain subject to completing the sale, which Petro Rabigh will announce once finalized.
It added that the transfer and release of guarantees are not expected to have a financial impact, as the commercial terms for marketing the products after completion will remain largely unchanged, including the related guarantees.
Aramco and Sumitomo are deemed related parties as major shareholders in Petro Rabigh, while SABIC, Aramco Trading, Arlanxeo Netherlands BV, and Sumitomo Chemical Asia Pte. Ltd. are also related parties as they are controlled by the company’s principal shareholders.
Logo ofRabigh Refining and Petrochemical Co.
Rabigh Refining and Petrochemical Co. (Petro Rabigh) said it has agreed with Saudi Arabian Oil Co. (Aramco), Sumitomo Chemical Co., and their affiliates to transfer product marketing rights currently held by Sumitomo to Aramco and its subsidiaries, giving Aramco full marketing rights for Petro Rabigh’s products upon completion.
In a Tadawul filing, Petro Rabigh said the deal was reached through a set of Amendment Agreements signed among the parties.
These include an amendment between Petro Rabigh, Aramco, and Sumitomo covering certain refined products marketing and sales agreements. Another amendment was signed between Petro Rabigh, Aramco, Saudi Basic Industries Corp. (SABIC), Aramco Trading Co. (ATC), Arlanxeo Netherlands BV Co., Sumitomo, and Sumitomo Chemical Asia Pte. Ltd. regarding petrochemical products marketing agreements.
To implement the changes, Petro Rabigh also signed release documents, collectively with the amendments referred to as the transaction documents. These include a consolidated termination and release agreement under English law between Petro Rabigh, SABIC, Aramco Trading, Arlanxeo Netherlands BV, Sumitomo, Sumitomo Chemical Asia, Citicorp Trustee Ltd. as external security trustee, and HSBC Saudi Arabia Co. as local security agent, both representing certain priority creditors.
Another termination and release agreement was signed under Saudi law between Petro Rabigh and HSBC, acting as local security agent on behalf of certain priority creditors.
Petro Rabigh said the documents terminate guarantees provided by Sumitomo for its affiliates under certain marketing agreements, which will cease to apply after the transfer, and release some guarantees granted to priority creditors related to the marketing of refined and petrochemical products.
The company said the final transaction documents were signed today, adding that the transfer of marketing rights and release of guarantees remain subject to completing the sale, which Petro Rabigh will announce once finalized.
It added that the transfer and release of guarantees are not expected to have a financial impact, as the commercial terms for marketing the products after completion will remain largely unchanged, including the related guarantees.
Aramco and Sumitomo are deemed related parties as major shareholders in Petro Rabigh, while SABIC, Aramco Trading, Arlanxeo Netherlands BV, and Sumitomo Chemical Asia Pte. Ltd. are also related parties as they are controlled by the company’s principal shareholders.
