Saudi Aramco, a state oil company based in Saudi Arabia, plans to invest $7 billion in a refinery and petrochemical project, RAPID, Prime Minister of Malaysia, Najib Razak, announced, Reuters reports.
The decision was taken after talks held between the Malaysian state company Petronas and Saudi Aramco. The total cost of RAPID project is estimated at $27 billion.
Earlier, on the 27th of January, the sources said that Saudi Aramco almost completely refused to participate in the project due to constant difficulties in its implementation and existing financial risks.
RAPID project involves the construction of petrochemical, oil and gas industrial facilities in the city of Bangarang located in Johor state. According to the government’s plans, the industrial complex is scheduled to be put in operation in 2019.