Riyadh – Mubasher: Malaysia’s Petronas is expected to make a final investment decision with the Saudi Aramco in December, regarding the partnership for a $21 billion refining and petrochemicals project.
Petronas will offer Aramco a 50% stake in the project, which will include a refinery, petrochemical plants and other related facilities, according to people cited by Wall Street Journal (WSJ).
The two companies are likely to set up a joint-venture company in the first quarter of next year to run the project, with the refinery due to start operating in early 2019, the people said.
The refinery and petrochemical development is estimated to cost some $12.7 billion, while the related facilities ranging from raw-water supply to a liquefied natural gas regasification terminal will cost another $8.6 billion, Petronas told WSJ.
