Saudi Arabia bulks up in Asia to boost appeal before oil IPO

Jakarta

SAUDI Arabian Oil Co expanded its ownership of refineries and petrochemical plants in Indonesia and Malaysia with investments totalling US$13 billion, as it prepares for what may be the biggest ever initial public offering, by bulking up its business in Asia, its largest market.

The Middle Eastern oil giant, known as Saudi Aramco, signed a US$6 billion agreement on Wednesday with Indonesia's PT Pertamina for refinery projects.

A separate US$7 billion deal with state-owned Petroliam Nasional Bhd to develop an oil refinery and naphtha cracker in Malaysia and provide up…