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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. 

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Tags: SAUDI, PETRONAS, MALAYSIA
Chronicle:
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