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2017-02-28 18:45:00

SAUDI BUYS PETRONAS: $7 BLN

SAUDI BUYS PETRONAS: $7 BLN

REUTERSSaudi oil giant Aramco IPO-ARMO.SE will buy an equity stake in Malaysian firm Petronas' refining and petrochemicals project in the southeast Asian country, the companies confirmed on Tuesday, investing a total of $7 billion. 

In a joint statement, the firms said Aramco will take a 50 percent stake in select ventures and assets in the Refinery and Petrochemical Integrated Development (RAPID) project developed by Malaysian state-controlled Petroliam Nasional Berhad, known as Petronas. 

The deal signing was formally witnessed by Malaysian Prime Minister Najib Razak and Saudi King Salman, currently on a state visit to Malaysia. 

Petronas' Chief Executive Officer Wan Zulkiflee Wan Ariffin told reporters Aramco will take a 50 percent stake in RAPID's refinery and cracker project. 

Aramco will supply up to 70 percent of the crude feedstock requirement of the refinery, with natural gas, power and other utilities to be supplied by Petronas, according to the statement. 

RAPID, located in the southern Malaysian state of Johor, will contain a 300,000 barrel-per-day oil refinery and a petrochemical complex with a production capacity of 7.7 million metric tonnes. It is expected to go online in the first quarter of 2019.

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Earlier: 

SAUDI: 

SAUDI'S OIL FOR JAPAN 

SAUDI'S RENEWABLE INVESTMENT: $50 BLN 

SAUDI CUTS OIL PRODUCTION: 486 TBD  

SAUDI'S CHANGES PRICE: $2 TLN 

SAUDI - RUSSIAN ALLIANCE

 

MALAYSIA: 

SHELL STARTS IN MALAYSIA 

MALAYSIAN - CANADIAN LNG: $27 BLN 

MALAYSIAN - INDONESIAN LNG 

SOUTHEAST ENERGY WAR 

PETRONAS PROFIT DOWN 60%

 

 

 

 

 

Tags: SAUDI, PETRONAS, MALAYSIA

Chronicle:

SAUDI BUYS PETRONAS: $7 BLN
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

SAUDI BUYS PETRONAS: $7 BLN
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

SAUDI BUYS PETRONAS: $7 BLN
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

SAUDI BUYS PETRONAS: $7 BLN
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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