28 Feb '17, 10am

#SaudiAramco's #Malaysia deal gives Saudis upper hand in fight for Asia oil share

SINGAPORE/KHOBAR, Saudi Arabia (REUTERS) - Top global oil exporter Saudi Arabia broke from the pack in the race to lock up Asian market share after agreeing on Tuesday (Feb 28) to pump US$7 billion (S$9.8 billion) into a refinery-petrochemical complex in Malaysia, analysts said . State oil giant Saudi Aramco's investment into Malaysia's Rapid project will secure an outlet for its crude oil for at least two decades and beef up its downstream portfolio ahead of its initial public offering (IPO) next year. The competition in Asia among producers, including Russia and other Middle Eastern suppliers such as Iraq, Kuwait and Iran, is sharp. Asia's growing oil demand provides the only home for the producers' output, especially as they have lost market share in the United States to rising domestic shale oil production. Buying a share of a large oil refinery with a promise to provi...

Full article: http://www.straitstimes.com/asia/aramcos-malaysia-deal-gi...

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