Saudi Aramco and Malaysian firm Petronas are almost ready to sign an $8 billion loan to partly finance the construction of a planned refinery and a petrochemical complex in Malaysia.
The agreement is likely to be signed in early March. According to sources, the financing for the deal was provided by BNP Paribas SA, HSBC Holdings Plc and Bank of Tokyo-Mitsubishi UFJ Ltd.
Refinery and Petrochemicals Integrated Development, or RAPID will be a $27 Billion project is estimated to be up and running by 2019.
Saudi Aramco is said to invest 7 billion for half of the oil refinery and petrochemical plant.
RAPID will include a 300,000 barrel-a-day refinery, which can produce fuels that meet Euro 5 emissions standards, as well as provide feedstock for a connected petrochemical plant.
Both Aramco and Petronas have not provided an official comment on the matter.
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