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Malaysia's Petronas Chemicals pins hopes on Saudi Aramco JV

Petrochemical and refinery project in Johor expected to boost output and profits

The $16 billion Pengerang Integrated Complex joint venture between Malaysia's Petronas Chemicals Group and Saudi Aramco in the southern state of Johor. (Photo courtesy of Petronas Chemicals Group)

KUALA LUMPUR -- Malaysia's Petronas Chemicals Group is pinning its hopes on a long-awaited $16 billion Saudi-backed refinery and petrochemical project as it seeks to boost slumping profits while investigating possible new acquisitions, its top executive told Nikkei Asia.

The Pengerang Integrated Complex (PIC) joint venture in the southern state of Johor is a portion of the larger $27 billion Pengerang Integrated Petroleum Complex mooted in 2012. Saudi Aramco -- Saudi Arabia's national oil producer -- is to supply half of the crude feedstock for the refining portion and share half of the output.

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