KUALA LUMPUR (Feb 28): Malaysian companies and their Saudi Arabian counterparts signed on Tuesday preliminary agreements for seven deals worth more than US$2 billion, as the oil-rich gulf nation seeks to build ties and investment opportunities in Asia. The deals, valued at 9.74 billion ringgit (US$2.19 billion), will cover joint ventures and cooperation in several sectors including oil and gas, Islamic finance, shariah compliant products, the halal industy and manufacturing, Malaysia's Trade Minister Mustapa Mohamed said at a press conference. Saudi state oil company Aramco is also expected to sign a deal with Malaysia's Petroliam Nasional Bhd (Petronas) on Tuesday afternoon to invest US$7 billion in an oil refinery and petrochemical project in Malaysia's southern state of Johor.

Source: The Edge Markets February 28, 2017 03:45 UTC