saudi aramco buys 7bn stake in malaysian refining project
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Saudi Aramco buys $7bn stake in Malaysian refining project

Arab Today, arab today

Arab Today, arab today Saudi Aramco buys $7bn stake in Malaysian refining project

Saudi Arabia’s King Salman
Riyadh - Arab Today

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.
In a joint statement, the firms said Aramco will take a 50 per cent stake in select ventures and assets in the Refinery and Petrochemical Integrated Development (Rapid) project developed by Malaysian state-controlled Petroliam Nasional Berhad, known as Petronas.
The deal signing was formally witnessed by Malaysian prime minister Najib Razak and Saudi King Salman, currently on a state visit to Malaysia.
Petronas’ chief executive Wan Zulkiflee Wan Ariffin told reporters Aramco will take a 50 per cent stake in Rapid’s refinery and cracker project.
"Malaysia offers tremendous growth opportunities and today’s agreement further strengthens Saudi Aramco’s position as the leading supplier of petroleum feedstock to Malaysia and Southeast Asia," Aramco CEO Amin Nasser said. "With Rapid’s strategic location in a prolific hub, it would also serve to enhance energy security in the Asia-Pacific region."
Aramco will supply up to 70 per cent of the crude feedstock requirement of the refinery, with natural gas, power and other utilities to be supplied by Petronas.
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. It is expected to go online in the first quarter of 2019.
The facility is planned as part of the Pengerang Integrated Complex (PIC) in the southern Malaysian state of Johor that will include Rapid and oil storage facilities.
Petronas on Tuesday said almost 60 per cent of the PIC development is complete, and that it is on track for refinery start-up in 2019.
Saudi energy minister Khalid al-Falih echoed Mr Nasser’s comments, saying Saudi Arabia would use the Malaysian investment as a platform for other investments in southeast Asia.
"We will encourage the private sector of Saudi Arabia to come and look at Malaysia as an investment for its own market and also to address the needs for the broader region," he said.


Source: The National

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi aramco buys 7bn stake in malaysian refining project saudi aramco buys 7bn stake in malaysian refining project

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi aramco buys 7bn stake in malaysian refining project saudi aramco buys 7bn stake in malaysian refining project

 



GMT 12:49 2017 Wednesday ,06 September

Senegal wants to buy 10 units of ship from PT PAL Indonesia

GMT 22:57 2017 Wednesday ,01 March

Trump lays out his vision of America to Congress

GMT 21:08 2017 Sunday ,17 September

OIC condemns suicide attack in Cameroon

GMT 00:59 2017 Sunday ,10 December

hmad Zahid's Visit To Rohingya Camp

GMT 02:25 2017 Friday ,24 February

Pope in emotion-charged visit to Italy quake zone

GMT 22:26 2016 Thursday ,22 September

Indian market closes higher

GMT 05:52 2016 Wednesday ,05 October

Robin Williams’ widow details actor’s final days

GMT 18:42 2017 Saturday ,07 October

Education, Works ministries discuss cooperation

GMT 03:11 2017 Friday ,14 April

5 Sudanese soldiers killed in Yemen

GMT 15:35 2017 Saturday ,25 February

United Nations chief arrives in Saudi

GMT 20:47 2017 Saturday ,07 October

PM asserts to bolster relations with Egypt

GMT 07:09 2017 Wednesday ,29 March

Ellie Goulding to Open Mawazine Festival

GMT 05:01 2017 Friday ,05 May

Arab Media Forum begins in Dubai

GMT 01:12 2017 Wednesday ,18 October

Fights against climate change, terrorism linked

GMT 06:59 2017 Monday ,13 February

Disney parks in US increases prices again

GMT 14:36 2017 Wednesday ,04 January

Record-chasing Chelsea face test

GMT 14:34 2016 Sunday ,14 August

United States wins 1000th Olympic gold medal
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday