Saudi Arabia

Saudi Aramco inks $7 billion deal for Malaysian oil venture

Oil major Saudi Aramco has signed a $7 billion deal to take a 50 percent stake in a mega Malaysian oil refinery project, in a pact expected to help Saudi Arabia increase trade in Southeast Asia.

Aramco inked the agreement Tuesday with Malaysia's national oil company Petronas, which is developing the $27 billion project plant in southern Johor state bordering Singapore.

It includes a refinery with the capacity to churn out 300,000 barrels of oil a day, a cracker plant and a petrochemical complex with an annual production capacity of 7.7 million metric tons.

Officials have said the deal will make Aramco the single largest investor in Malaysia.

Saudi Arabia is the...