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Malaysia's Petronas, Saudi Aramco to sign agreement during Saudi King's visit

Published 24/02/2017, 10:24
© Reuters. An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city

KUALA LUMPUR (Reuters) - Malaysia's state-owned oil firm Petroliam Nasional Bhd (Petronas) and Saudi Aramco will sign an agreement during a visit by Saudi Arabia's King Salman to Malaysia, Prime Minister Najib Razak said in a statement on Friday.

"During His Majesty King Salman's visit, we will be signing a number of new agreements and memorandums of understanding. One of these will involve two of our largest state-owned companies, Saudi Aramco and Petronas," read the statement. No further details on the agreement were given.

© Reuters. An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city

Reuters reported earlier this week that Petronas and Aramco are expected to sign an agreement to collaborate on a 300,000 barrel-per-day oil refinery and petrochemical complex in Malaysia's southern state of Johor that is valued at $27 billion (£22 billion).

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