Saudi Aramco aims to resume operations in JV with Malaysia's Petronas before year-end: Report

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Saudi Aramco seeks to resume operations in its joint venture (JV), Pengerang Integrated Complex, with Malaysia's Petronas before the end of 2021, CNBC Arabia reported, citing sources.

The giant oil company is studying to raise its stake in the JV and conducting preliminary negotiations with the Malaysian company.

In March 2018, Saudi Aramco and Petronas announced the formation of two joint ventures for the establishment of the Pengerang Integrated Complex, with investments worth $7 billion.

Under this collaboration, Saudi Aramco will supply 50% of the refinery’s crude feedstock requirements with the option of increasing it to 70%, according to data compiled by Argaam.