Malaysia's Petronas, Saudi Aramco to sign deal on RAPID refinery project

A logo of a Petronas fuel station is seen against a darkening sky in Kuala Lumpur, Malaysia. Picture taken February 10, 2016. REUTERS/Olivia Harris

– Malaysia’s state oil firm Petroliam Nasional Bhd (Petronas) and Saudi Aramco are expected to sign an agreement to collaborate in Malaysia’s Refinery and Petrochemical Integrated Development (RAPID) project, two industry sources said on Wednesday.

Petronas and Saudi Aramco, the state-owned oil company of Saudi Arabia, appear to be closer to agreeing to terms after sources told Reuters last month that Aramco was suspending a planned partnership in RAPID, a $27 billion refining and petrochemical complex in Malaysia’s southern state of Johor.

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