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Saudi Aramco to invest $7 billion in Petronas' RAPID oil refinery

The refinery will be set up by Petronas

Reuters  |  Kuala Lumpur 

Malaysia's Prime Minister Najib Razak announced on Monday that Saudi Arabia's state oil company Saudi Aramco will invest $7 billion in an oil refinery and petrochemical project in Malaysia's southern state of Johor. Najib said the decision was made before noon on Monday after discussions between top executives from Saudi Aramco andMalaysia's state-owned energy company Petroliam Nasional Bhd (Petronas), the sponsor of the $27 billion Refinery and Petrochemical Integrated Development (RAPID) project. Najib's statement marks a dramatic reversal in RAPID's ...

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First Published: Mon, February 27 2017. 16:19 IST