Saudi Aramco to invest $7bn in Malaysian oil refinery

Saudia Arabia’s state-owned oil company Aramco will make a major investment in Malaysian oil and gas company Petronas’ refinery project. According to Malaysia’s prime minister Najib Razak, the deal will amount to $7 billion (£5.7 billion), making Aramco the country’s single biggest investor.

The Petronas refinery, which is set to start operating in 2019, will receive 70% of its crude oil feedstock from Aramco. It is part of a petrochemical industry megaproject initiated by the Malaysian government to increase economic and technological growth. The agreement ‘further strengthens Saudi Aramco’s position as the leading supplier of petroleum feedstock to Malaysia and Southeast Asia’, said the company’s president and chief executive Amin Nasser.