Saudi Aramco takes equal stake in Petronas refinery for US$7b
It will also supply up to 70% of the crude feedstock requirements of the plant in south Johor
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Kuala Lumpur
SAUDI Aramco will own 50 per cent of the refinery and cracker components of Petronas's Refinery & Petrochemical Integrated Development project (Rapid) and supply up to 70 per cent of the crude feedstock requirements of the refinery following its US$7 billion investment in the Pengerang Integrated Complex (PIC) in south Johor.
A share purchase agreement was inked by both the national oil companies in Kuala Lumpur on Tuesday and witnessed by King Salman Abdulaziz Al Saud and Malaysia's Prime Minister Najib Razak.
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