Saudi Aramco has taken a stake in a Malaysian downstream project along with local state player Petronas in what is reported to represent a $7 billion investment by the Saudi Arabian giant.
The two companies are equal partners in selected assets of the $27 billion Refinery and Petrochemical Integrated Development (Rapid) project in the southern Malaysian state of Johor following a share purchase agreement signed on Tuesday.
The Rapid project is part of the Pengerang Integrated Complex (PIC), which is almost 60% complete and is on track for refinery start-up in 2019.
