Saudi oil giant Aramco IPO-ARMO.SE will buy an equity stake in Malaysian firm Petronas’ refining and petrochemicals project in the southeast Asian country, the companies confirmed on Tuesday, investing a total of $7 billion. In a joint statement, the firms said Aramco will take a 50 percent stake in select ventures and assets in the Refinery and Petrochemical Integrated Development (RAPID) project developed by Malaysian state-controlled Petroliam Nasional Berhad, known as Petronas. The deal signing was formally witnessed by Malaysian Prime Minister Najib Razak and Saudi King Salman, currently on a state visit to Malaysia. Petronas’ Chief Executive Officer Wan Zulkiflee Wan Ariffin told reporters Aramco will take a 50 percent stake in RAPID’s refinery and cracker project. Aramco will supply up to 70 percent […]