Saudi Aramco set to ink refinery deal with Petronas: report

22/02/2017 Argaam

Saudi Arabian Oil Co. (Saudi Aramco) and Malaysia’s Petrolium Nasional Berhad (Petronas) are expected to sign on Monday a deal to develop the $27 billion Refinery and Petrochemical Integrated Development (RAPID) project in Johor, Malaysia, Reuters reported on Wednesday, citing unnamed sources with knowledge of the matter.

 

Both companies are close to setting the final terms after Saudi Arabia’s oil giant was said to have dropped plans for the multi-billion-dollar joint venture last month.

 

No further details were disclosed about the deal.

 

The deal is likely to be concluded during a visit by Saudi Arabia's King Salman to Malaysia.

 

The RAPID is designed to have a refinery with a capacity of 300,000 barrel per day and a petrochemical complex with an output capacity of 7.7 million metric tons. 

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