Built to inform

Sign up for the daily newsletters

No, Thank you

Saudi Aramco inks $7bn Malaysian refinery deal

Aramco inked the agreement with Malaysia’s national oil company Petronas, which is developing the $27bn refinery and cracker plant in southern Johor state

Aramco inked the agreement with Malaysia’s national oil company Petronas.
Aramco inked the agreement with Malaysia’s national oil company Petronas.

Oil giant Saudi Aramco has signed a $7bn deal to take a 50% stake in a mega Malaysian oil refinery project, officials said on Tuesday.

Aramco inked the agreement with Malaysia’s national oil company Petronas, which is developing the $27bn refinery and cracker plant in southern Johor state, according to Arab News.

The deal will make Saudi Aramco the single largest investor in Malaysia and will help expand Aramco’s portfolio ahead of its initial public offering next year.

Saudi King Salman signed the deal while on a visit to Malaysia, part of his multi-nation tour of several Southeast Asian countries.

Malaysian and Saudi Arabian companies also signed several preliminary agreements on Tuesday for seven deals worth more than $2bn in an effort to strengthen ties and cooperation between the two countries.

The deals will cover joint ventures and cooperation in several sectors including oil and gas, Islamic finance, Shariah compliant products, the halal industry and manufacturing.
 

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 754
Nov 23, 2019