You are here

Malaysia, Saudi Arabia firms sign over RM9b worth of deals

petronas_saudi.jpg
Saudi state oil company Aramco is 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.

[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

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes