Saudi Aramco $7 billion acquisition of stake in RAPID project

Overview:

• Saudi Arabian Oil Company (Saudi Aramco) has signed a share purchase agreement with Petroliam Nasional (Petronas) where Saudi Aramco will acquire a 50% equity interest, which is valued at approximately $7 billion, in a joint venture with Petronas to develop the Refinery and Petrochemical Integrated Development  (RAPID) project in the southern Malaysian state of Johor.
• The RAPID project comprises a refinery, cracker and integrated petrochemical complex.
• Morgan Stanley acted as financial adviser to Petronas.
• The refinery and petrochemical project will be the largest downstream petrochemical project in Asia following completion in 2019. 

Wai Yee Tsang - Journalist Asia-Pacific