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FINANCIAL NEWS
Saudi Arabia boosts investment in Asia
02 Mar 2017
(MENAFN) Saudi Arabian Oil firm bought half of a Malaysian oil refinery and petrochemical plant as it prepares for the biggest initial public offering by enhancing its business in Asia.
Moreover, Saudi Aramco inked a deal with Petroliam Nasional Bhd. to develop an oil refinery and naphtha cracker in Malaysia’s southern state of Johor and offer up to 70pct of the crude needs.
In addition, Saudi Aramco will invest USD7bn for its share in the joined oil and petrochemicals complex and aims to finish a similar deal in Indonesia.
The agreement is part of Aramco’s long-standing strategy of investing in refining to support lock in demand for its crude.
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