Saudi Aramco will invest $7billion in an oil refinery project in Malaysia, the country’s prime minister said.
Najib Razak confirmed the agreement at a news conference and said further details about the “significant investment” would be revealed tomorrow, when the deal is scheduled to be signed, Reuters reported.
The commitment from Saudi Aramco appears to be something of a U-turn.
Industry sources said in January that the state-owned giant had pulled the plug on its participation in the $27billion project in Johor.
The investment is expected to help the scheme be realised.