The Saudi oil company, Aramco, is set to increase its investments in Malaysia; Following the recent announcement of canceling a huge investment in India.
Sources told CNBC Arabia that the Saudi oil giant is accelerating operations in a joint venture in Malaysia with Petronas.
And she explained that this decision comes in the wake of the Indian company Reliance's announcement of its agreement with Aramco to cancel a non-binding agreement between the two companies for a deal estimated at the time at about $15 billion.
She added that Aramco is currently focusing all its efforts on resuming work on its joint venture in the Penjirang Refining and Petrochemical Complex in Malaysia before the end of this year, a project that Aramco has entered into. With investments estimated at about $7 billion about 3 years ago.
The sources said that Aramco is actively studying the option of increasing its stake in the Pengerang project and that it is in preliminary negotiations with the state oil company in Malaysia.
Aramco owns a 50% stake in the project, and will supply half of the required crude oil, with an option to increase that percentage to 70% once the 300-capacity refinery is complete. thousand tons per day.
