KUALA LUMPUR: Saudi Arabia’s Aramco is taking up a 50% stake in the refinery and cracker assets at the Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor, in a multi-billion-dollar deal with Petronas.
The two state-owned oil companies have signed the share purchase agreement to facilitate the US$7bil (RM31.1bil) investment by Saudi Aramco in Petronas’ Rapid project within the Pengerang Integrated Complex (PIC).
