The Lithuanian competition authority has granted permission for the Saudi Arabian Oil Company to acquire an additional 22.5% share in Rabigh Refining and Petrochemicals Company, raising its total ownership to 60%. This acquisition will give Saudi Arabian Oil Company sole control over Rabigh Refining.

The notification for this intended merger was submitted to the Competition Council on December 19, 2024. After a thorough assessment, the Council determined that the merger would not create or strengthen a dominant market position nor significantly impede competition in the relevant markets.

Saudi Arabian Oil Company is primarily involved in the exploration, drilling, and production of hydrocarbons, as well as the processing and marketing of petrochemical products. In Lithuania, it markets products like polyethylene and polypropylene.

Rabigh Refining and Petrochemical Company operates an integrated refining and petrochemical complex, producing various refined products including acetone, benzene, and gasoline. Although it does not have a direct presence in Lithuania, it generates revenue through affiliated companies that sell its products in Lithuania and other markets.

The merger was subject to notification to the Competition Council, which is required when the combined revenues of the companies involved exceed EUR 20 million, and at least two of the companies have revenues exceeding EUR 2 million in the previous year.