Riyadh – Mubasher: Saudi Arabian Oil Co. (Saudi Aramco) and Malaysian Petroliam Nasional Berhad (Petronas) are expected to sign an $8 billion loan next month to partly finance the construction of a planned refinery and a petrochemical complex in South Asia, mainly in Malaysia, sources told Bloomberg.
BNP Paribas and Bank of Tokyo-Mitsubishi UFJ Ltd, in addition to HSBC Holdings, are among lenders that have agreed to provide financing, sources added.
Both the kingdom's state-owned crude producer and Petronas refused to comment on ongoing business plans and transactions, the news agency mentioned.
The complex is part of the Refinery and Petrochemicals Integrated Development project (RAPID) valued at $27 billion in Malaysia’s southern state of Johor, which is set to commence operation in 2019.
In February 2017, the Saudi Arabian Oil Co agreed to inject $7 billion into half of the oil refinery and petrochemical plant, seeking to shield its status as the world’s biggest exporter in an attempt to push rivals in Asia away.
