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Malaysia concludes talks with Saudi Aramco over $7bn investment

Malaysia concludes talks with Saudi Aramco over $7bn investment

Aramco’s investment will come in by the end of the month, a government official said

Malaysia has completed talks with Saudi Aramco over the oil giant’s planned $7bn investment in Petronas’ Refinery and Petrochemical Integrated Development (RAPID) project, said the minister in the prime minister’s department, Abdul Rahman Dahlan

Aramco’s investment will come in by the end of the month, minister Abdul Rahman said on Tuesday at the OTC Asia conference.

Saudi Aramco agreed last February to buy a $7bn stake in the RAPID project of Malaysian state energy firm Petroliam Nasional Bhd.

Minister Abdul Rahman had said in November the companies will finalise the joint venture after resolving “technical issues”.

RAPID is a $27bn project located between the Malacca Strait and the South China Sea, conduits for Middle East oil and gas bound for China, Japan and South Korea.

It will consist of a 300,000 barrel-per-day oil refinery and a petrochemical complex with a capacity of 7.7 million metric tonnes a year.

Refinery operations are set to begin in 2019, with petrochemical plants to follow 6-12 months later.

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