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Saudi Aramco, Malaysia's PETRONAS reach deal on refinery project

RIYADH, March 28 (KUNA) -- Saudi Aramco and Malaysia's PETRONAS will be collaborating on a pair of projects dealing with the construction of a petrochemical refinery and complex in Malaysia, the two oil giants announced Wednesday.
The joint ventures will allow Saudi Aramco, the world's biggest oil producer, and Malaysia's state-owned energy company PETRONAS, equal ownership over the refinery and petrochemical facilities in the eastern Malaysian state of Johor, state-run Saudi Press Agency (SPA) reported.
Aramco will supply 50 to 70 percent of the refinery's crude needs, while natural gas, power and other utilities will be provided by PETRONAS and its affiliates, SPA noted.
The refinery, with a total capacity of 300,000 barrels per day, yields diverse products including gas and diesel, which meet Euro 5 fuel specifications, while the complex houses goods worth 3.3 million tons per annum.
With construction more than halfway completed, the refinery should be up and running early next year, SPA added. (end) mdm.nam