Malaysia, Saudi Arabia firms sign over RM9b worth of deals

[KUALA LUMPUR] Malaysian companies and their Saudi Arabian counterparts signed on Tuesday preliminary agreements for seven deals, as the oil-rich gulf nation seeks to build ties and investment opportunities in Asia.

The deals, valued at RM9.74 billion (S$3.07 billion), will cover joint ventures and cooperation in several sectors including oil and gas, Islamic finance, shariah compliant products, the halal industy and manufacturing, Malaysia's Trade Minister Mustapa Mohamed said at a press conference.

Saudi state oil company Aramco is also expected to sign a deal with Malaysia's Petroliam Nasional Bhd (Petronas) on Tuesday afternoon to invest US$7 billion in an oil refinery and petrochemical project in Malaysia's southern state of Johor.

REUTERS