Saudi Aramco to invest $7bn in Malaysia oil refinery

Saudi Aramco will invest $7 billion in a giant Malaysian oil refinery project, Prime Minister Najib Razak said Monday.

The deal between Aramco and Malaysia’s Petronas for the $27 billion project will be signed on Tuesday, the prime minister said. “This is a huge investment and is very significant,” said Najib.

The vast scheme under construction in the southern state of Johor near the Singapore border is known as the Refinery and Petrochemical Integrated Development Project.

It is being led by state energy firm Petronas, which said last month development is more than 50 percent complete, with the project set to come online in 2019.

Speaking to reporters Razak described the deal a “vote of confidence in our economy”. — Agencies