Petronas, Saudi Aramco inks RM31 bln deal

Bernama
February 28, 2017 17:46 MYT

Minister in the Prime Minister Department Datuk Seri Abdul Rahman Dahlan (two, right) shaking hands with Saudi Arabia Minister of Energy, Industry and Mineral Resources Khalid Al-Falih after press conference today. - Photo Astro AWANI / Shahir Omar

National hydrocarbon custodian, Petronas, signed a share purchase agreement with Saudi Arabian Oil Company (Saudi Aramco) worth RM31 billion, allowing the latter to acquire a 50 per cent equity in the Petronas Refinery and Petrochemical Integrated Development (Rapid) project refinery and cracker assets.

Petronas President and Group Chief Executive Officer Datuk Wan Zulkiflee Wan Ariffin said the partnership brought together the strategic fit of both companies.

"The partnership brings together two organisations with strong reputation, wealth of operational experience and proven record in developing mega projects, as well as, having commercial network in different markets, globally," he told reporters after signing the agreement on behalf of Petronas here today. -- Bernama

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