Aramco seals deals in two facilities in Malaysia

Slightly up: An investor watching PetChem shares on the monitor. Petchem shares closed one sen higher yesterday. - AFP

PETALING JAYA: The state oil company of Saudi Arabia, Saudi Aramco, has taken up strategic stakes in two petrochemical plants in Pengerang as part of its estimated US$7bil investment in the project.

The oil giant will be taking up a 50% stake in a plant that produces polymers for US$900mil (RM3.8bil) from Petronas Chemicals Group Bhd (PetChem) and also absorb the proportionate share of borrowings tied to the plant.