Malaysia says Saudi Aramco will invest $7 billion in oil hub


Dateline 2017-02-27, Seattle Times:

Malaysian Prime Minister Najib Razak said Monday that oil major Saudi Aramco will invest $7 billion in a mammoth oil processing hub in Malaysia, making it the single largest investor in the Southeast Asian country.

The announcement came on the second day of a visit by Saudi King Salman, who is on a multi-nation tour to boost economic ties with Asia.

Najib said Aramco and Malaysia’s national oil company Petronas, which is leading the project, will sign the agreement Tuesday.

 “This is a significant investment and more details will be announced tomorrow,” Najib told a news conference after meeting with the king. He said Aramco’s investment is a “strong vote of confidence” in Malaysia’s economy and that bilateral relations are at an “all-time high.”

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