KUALA LUMPUR (Feb 27): Malaysia's Prime Minister Datuk Seri Najib Razak announced on Monday that Saudi Arabia's state oil company Saudi Aramco will invest US$7 billion into an oil refinery and petrochemical project in Malaysia's southern state of Johor. Petronas and Saudi Aramco executives are scheduled to sign the agreement on Tuesday. "This investment confirmation would help bring the RAPID project to the commissioning stage," said Subramanya. The RAPID project, located at Pengerang in Johor, is expected to begin operations in the first quarter of 2019. 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.

Source: The Edge Markets February 27, 2017 10:04 UTC