What’s the deal in Rapid?

Strategic partnership: Petronas and Aramco on Tuesday signed a share purchase agreement to facilitate the latter’s proposed acquisition of a 50 equity in the refinery and cracker assets at Rapid in a US7bil deal. (From left) Aramco was represented by its president and CEO Amin H. Nasser and Saudi Arabia’s Energy, Industry and Mineral Resources Minister and Aramco chairman of the board of directors Khalid Al-Falih; while Petronas by Minister in the Prime Minister’s Department Datuk Seri Abdul Rahman Dahlan and Wan Zulkiflee.

IN 2013, Tan Sri Shamsul Azhar Abbas, then president and CEO of Petroliam Nasional Bhd (Petronas), played host to several key personnel from Saudi Arabia’s state-owned oil company Aramco when they visited Malaysia.

He hired several helicopters, taking the group to get an aerial view of the upcoming 22,000-acre Pengerang Integrated Petroleum Complex (PIPC) in Johor in the hope of convincing them about the huge potential of the development.