Abu Dhabi on Tuesday signed an agreement worth an estimated 21 billion ringgit ($6.75 billion) for a petroleum storage facility in Malaysia’s Johor state.
The facility for up to 60 million barrels of crude oil will be located in Tanjung Piai in Johor state, Malaysia’s prime minister Najib Razak said at the signing ceremony with Abu Dhabi crown prince General Sheikh Mohamed Bin Zayed Al Nahyan.
Malaysia is looking to develop the area as an oil and gas hub, part of an ambitious economic development plan.
In a separate agreement also signed on Tuesday, Abu Dhabi’s state-owned Aabar Investments PJS and Malaysia’s state-owned 1Malaysia Development Bhd agreed on an 18 billion ringgit “strategic partnership” to invest in Malaysia.
No other details were available but 1Malaysia Development Bhd said in a statement the partnership “will focus on investments in important high-impact projects vital to the long term-economic and social growth of Malaysia.”
Abu Dhabi will also “provide the required capital” for 1Malaysia Development Bhd’s Tun Razak Exchange development which is expected to cost billions of ringgit, the Malaysian company added.