Don’t miss the latest developments in business and finance.

Saudi Aramco inks $7 billion deal for Malaysian oil venture

Image
AP Kuala Lumpur
Last Updated : Feb 28 2017 | 2:48 PM IST
Oil major Saudi Aramco has signed a USD 7 billion deal to take a 50 per cent stake in a mega Malaysian oil refinery project, in a pact official said will help Saudi Arabia increase trade in Southeast Asia.
Aramco inked the agreement today with Malaysia's national oil company Petronas, which is developing the USD 27 billion refinery and cracker plant in southern Johor state.
Officials have said the deal will make Aramco the single largest investor in Malaysia.
Saudi's Energy Minister Khalid Al-Falih said the Malaysian deal will help expand Aramco's portfolio ahead of its initial public offering next year, which is touted to become the world's largest share sale.
The deal was signed as Saudi King Salman visited on a multi-nation tour to build up economic ties with Asia.

Disclaimer: No Business Standard Journalist was involved in creation of this content

More From This Section

First Published: Feb 28 2017 | 2:48 PM IST

Next Story