Petronas, Saudi Aramco to sign deal on refinery project: sources
They plan to collaborate on a petrochemical and refining plant in Malaysia's southern state of Johor
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Kuala Lumpur
MALAYSIA'S state oil firm Petroliam Nasional Bhd (Petronas) and Saudi Aramco are expected to sign an agreement to collaborate on Malaysia's Refinery and Petrochemical Integrated Development (Rapid) project, two industry sources said on Wednesday.
Petronas and Saudi Aramco, the state-owned oil company of Saudi Arabia, appear to be closer to agreeing to terms after sources told Reuters last month that Aramco was suspending a planned partnership in Rapid, a US$27 billion refining and petrochemical complex in Malaysia's southern state of Johor. An agreement is expected to be signed on Monday, said one of the sources who has knowledge of the matter and declined to be identified, during a visit to Malaysia by Saudi Arabia's King Salman.
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