Saudi Arabia’s King Salman and Malaysia’s Prime Minister Najib Razak during a deal signing ceremony between Saudi oil giant Aramco and Malaysian firm Petronas in Kuala Lumpur. Photo: ReutersKuala Lumpur: Saudi oil giant Aramco is buying an equity stake in Malaysian firm Petronas’ major refining and petrochemicals project in the southeast Asian country, investing a total of $7 billion, the companies confirmed on Tuesday. Petronas’ chief executive officer Wan Zulkiflee Wan Ariffin told reporters Aramco will take a 50% stake in RAPID’s refinery and cracker project. RAPID will contain a 300,000 barrel-per-day oil refinery and a petrochemical complex with a production capacity of 7.7 million metric tonnes. Saudi energy minister Khalid al-Falih echoed Nasser’s comments, saying Saudi Arabia would use the Malaysian investment as a platform other investments in south-east Asia.

Source: Mint February 28, 2017 13:41 UTC