KUALA LUMPUR: Malaysian Petroliam Nasional Bhd (Petronas) and Saudi Aramco will sign an agreement during a visit by Saudi Arabia’s King Salman Bin Abdulaziz Al-Saud to Malaysia, Prime Minister Datuk Seri Najib Razak said in a statement.
“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. These agreements will benefit our countries and our peoples,” he said in a statement posted on the Prime Minister’s Office website.
Najib said the visit by was at the invitation of Kebawah Duli Yang Maha Mulia Seri Paduka Baginda Yang Di-Pertuan Agong XV, Sultan Muhammad V.
“Bilateral trade between Saudi Arabia and Malaysia has been on a strong upward trajectory in recent years, increasing by 20% in 2016 alone, to a total of RM13.12bil. Saudi Arabia is one of Malaysia’s largest trading partners,” he said.
Earlier Petronas and Aramco were 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 US$27bil.
