Saudi oil giant Aramco will buy an equity stake in Malaysian firm Petronas' major refining and petrochemical project, pumping in $7 billion in its biggest downstream investment outside the kingdom, the companies said on Tuesday.
The deal will boost Aramco's downstream business ahead of a planned initial public offering next year and also bolsters Malaysia's state-controlled Petroliam Nasional Bhd—known as Petronas—after it cut spending because of the slump in oil prices, Reuters reported. In a joint statement, the firms said Aramco will take a 50% stake in select ventures and assets in the refinery and petrochemical integrated development project developed by Petronas. Signing of the deal was witnessed by Malaysian Prime Minister Najib Razak and Saudi King Salman, currently on a state visit to Malaysia—the first in over a decade. "Malaysia offers tremendous growth opportunities and today's agreement further strengthens Saudi Aramco's position as the leading supplier of petroleum feedstock to Malaysia and Southeast Asia," Aramco CEO Amin Nasser said.
Governor of Central Bank of Iran (CBI) Abdolnaser Hemmati said the country’s non-oil exports are improving following a downtrend of the coronavirus cases in the country, IRNA reported.
Strengthening domestic production and indigenizing the knowledge and technology for production of the products and equipment that Iran imports from other countries has become one of the major programs that the country is pursuing in recent years.
Iranian government is going to announce a $1-billion support package for promoting non-oil exports in the current Iranian calendar year (began on March 20), Tasnim news agency reported on Wednesday, quoting an official with Trade Promotion Organization (TPO).
An approximate 530,738 metric tons of various goods worth over $595mln were exchanged during weekdays ending up to May 14, 2020 on the Iran Mercantile Exchange.
A senior energy official said that Iran's petrochemical complexes achieved a six percent rise in production in the first two months of the current Iranian year (started on March 20, 2020) compared to the corresponding period in the last year.
It has been few weeks since the rumors began spreading that Iran intended to ship several fuel consignments to Caracas to help alleviate Venezuela’s severe fuel problems.