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Energy

Saudi Aramco stands by Malaysia mega-refinery, Petronas says

Drone attacks will not affect $7bn investment in Johor complex

Petronas' net profit for the first half of 2019 rose 9% to $6.9 billion.

KUALA LUMPUR -- Malaysia's state oil company Petronas said on Friday that recent attacks on a key Saudi oil facility will not affect Saudi Aramco's $7 billion investment in a refinery complex in the southern state of Johor.

Saudi Aramco acquired a 50% stake in the Rapid project's refinery and cracker plants in 2017, agreeing to supply up to 70% of the crude feedstock for the refinery operations, which are scheduled to begin commercial production later this year.

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