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Saudi Aramco takes equal stake in Petronas refinery for US$7b

It will also supply up to 70% of the crude feedstock requirements of the plant in south Johor

Published Tue, Feb 28, 2017 · 09:50 PM

Kuala Lumpur

SAUDI Aramco will own 50 per cent of the refinery and cracker components of Petronas's Refinery & Petrochemical Integrated Development project (Rapid) and supply up to 70 per cent of the crude feedstock requirements of the refinery following its US$7 billion investment in the Pengerang Integrated Complex (PIC) in south Johor.

A share purchase agreement was inked by both the national oil companies in Kuala Lumpur on Tuesday and witnessed by King Salman Abdulaziz Al Saud and Malaysia's Prime Minister Najib Razak.

Although subject to regulatory approvals and the completi…

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