(MENAFN) Saudi Arabia's oil firm Saudi Aramco will invest USD7bn in an oil refinery to be set up by Malaysian oil firm Petroliam Nasional (Petronas).
In addition, the refinery is part of Malaysia's USD27bn Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang in the southern state of Johor.
Meanwhile, the decision follows talks between top executives from Petronas and Aramco and the plant.
The Rapid Project, which is projected to start ops in Q1 of 2019, will contain a 300.000 barrel per day oil refinery and a petrochemical complex with a production capacity of 7.7mn metric tons.
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