Sumitomo Chemical Co (JP:4005) has released an update.
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Sumitomo Chemical Co. has embarked on a structural reform of Petro Rabigh (PRC), establishing a joint task force with Saudi Aramco to address financial challenges and diverging strategic directions. The reform includes a debt reduction package and a change in shareholding to support PRC’s growth and transformation. Sumitomo Chemical, shifting its focus to specialty chemicals, will not provide additional funding to PRC.
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