Saudi Aramco completes talks with PETRONAS on $7bn investment - state media

21 March 2018 05:35 Source:ICIS News

SINGAPORE (ICIS)--The negotiations on Saudi Aramco’s $7bn investment in PETRONAS’ Refinery and Petrochemical Integrated Development (RAPID) project at Pengerang in southern Malaysia have been concluded, state news agency Bernama said late on Tuesday.

Minister in the prime minister’s department Abdul Rahman Dahlan was quoted as saying in a Bernama report that the investment is expected “to be in by the end of this month”, but did not elaborate further.

Saudi Aramco had earlier in February 2017 signed a deal with PETRONAS for a 50% stake in the Rapid project.

RAPID, which comprises a refinery, cracker and downstream petrochemical complex, is part of PETRONAS’ Pengerang Integrated Complex (PIC) in Johor.

PETRONAS had earlier said that it expects to start to start operations at PIC’s refining and steam cracking complex in 2019 and at all derivatives units in 2020.

By Nurluqman Suratman