February 24, 2017 / 10:15 AM / a year ago

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

KUALA LUMPUR (Reuters) - Malaysia’s state-owned oil firm Petroliam Nasional Bhd (Petronas) and Saudi Aramco (IPO-ARMO.SE) 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 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).

    Reporting by Emily Chow; Editing by Christian Schmollinger

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