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29/03/2018 08:00 AST
Saudi Aramco finalized a deal on Wednesday with Malaysian state energy company Petroliam Nasional Berhad (Petronas) to invest in a refinery project off Malaysia.
The Saudi oil giant agreed in February last year to buy a $7 billion stake in Petronas' Petrochemical Integrated Development (RAPID) project, but the issue was then delayed by "technical issues."
RAPID is a $27 billion project located between the Malacca Strait and the South China Sea, a conduit for Middle East oil and gas bound for China, Japan and South Korea.
The two companies said in a statement that they signed the deal on Wednesday, but did not confirm the value of Aramco's investment.
Saudi Aramco will supply
50 percent of the refinery's crude oil with an option of increasing it to 70 percent, the statement said.
The development will contain a 300,000 barrel-per-day oil refinery and a petrochemical complex with a capacity of 7.7 million metric tons a year. Refinery operations are set to begin in 2019, with petrochemical operations to follow about 6-12 months afterward.
Arab News
21/04/2025
Saudi energy major Aramco and Chinese electric vehicle manufacturer BYD have signed a joint development agreement to explore advancements in new energy vehicle technologies.
The partnership
Arab News
20/04/2025
Saudi oil giant Aramco has awarded an extension of its Long-Term Agreement (LTA) framework to leading engineering and construction groups - McDermott and Saipem - to support brownfield and greenfield
Arab News
10/04/2025
A major petrochemical industry expansion is set for Saudi Arabia's west coast as Aramco, Sinopec, and Yasref advance plans to develop a fully integrated complex in Yanbu.
The three companies
Arab News
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| ABAR | 147.00 | 7.00 (5.00 |
| ADNOCGAS | 3.11 | -0.01 (-0.33 |
| ADNOCDRILL | 4.88 | 0.03 (0.61 |
| BAHRI | 30.10 | 0.15 (0.50 |
| ADES | 15.42 | 0.08 (0.52 |
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
24/04/2025
QNB has launched a new campaign, aimed at rewarding customers to use their QNB Mastercard debit cards for everyday purchases.
The campaign, taking place from April 24-June 24, will offer win
Gulf Times
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