Media: Saudi Aramco and Petronas to inch $7 billion oil refinery deal

According to media reports, Saudi Arabia's state oil company – Saudi Aramco will invest $7 billion into an oil refinery, which is part of Petronas’ ongoing $27 billion RAPID project in southern state of Johor, Malaysia.

The CNA said the agreement was made earlier today after the meeting between the two companies’ top officials and also the second day of a four-day state visit to Malaysia by Saudi's King Salman. Quoted Malaysia's Prime Minister Najib Razak, the agreement is schedules to be signed on Tuesday afternoon (28 February), which will make Aramco the single largest investor in RAPID project.

The RAPID project is half way completed and would begin operations in the first quarter of 2019. The project is designed to house a 300,000 barrel/day oil refinery and a petrochemical complex with a production capacity of 7.7 million metric tonnes.