KUALA LUMPUR, Malaysia – Malaysian Prime Minister Najib Razak says oil major Saudi Aramco will invest $7 billion in a mammoth oil processing hub in Malaysia, making it the single largest investor in the Southeast Asian country.
The announcement Monday came on the second day of a visit by Saudi King Salman, who is on a multi-nation tour to boost economic ties with Asia.
Najib said Aramco and Malaysia's national oil company Petronas will sign the agreement on Tuesday. The $27 billion deal, known as the Refinery and Petrochemical Integrated Development Project, is being developed in Malaysia's southern Johor state bordering Singapore and is due to come online in 2019.
Najib said after meeting with the king that Aramco's investment is a "strong vote of confidence" in Malaysia's economy.