Saudi Aramco to invest US$7b in Petronas' refinery, petrochem project

Kuala Lumpur

MALAYSIA'S Prime Minister Najib Razak announced on Monday that Saudi Arabia's state oil company Saudi Aramco will invest US$7 billion into an oil refinery and petrochemical project in the state of Johor.

Mr Najib said the decision was made before noon on Monday after discussions between top executives from Saudi Aramco and Malaysia's state-owned energy company Petroliam Nasional Bhd (Petronas), the sponsor of the US$27 billion Refinery and Petrochemical Integrated Development (Rapid) project.