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Shearn Delamore & Co. 

March, 2017 - Malaysia

 

 

Shearn Delamore Acted as the Malaysian Counsel for Saudi Arabian Oil Company (Saudi Aramco) in its Investment and Joint Venture with Petroliam Nasional Berhad (Petronas)

 

Shearn Delamore acted as the Malaysian counsel for Saudi Aramco, through their lead instructing counsel, White & Case, in its investment and joint venture with Petroliam Nasional Berhad (Petronas) in the Refinery and Petrochemicals Integrated Development (RAPID) project in the southern Malaysia state of Johor. The total estimated value of the investment by Saudi Aramco is US$7 billion. The sale and purchase agreement for Saudi Aramco’s acquisition of a stake in the joint venture was signed on 28th February 2017, with other ancillary and related agreements to also be executed in due course.

Under this joint venture, Saudi Aramco is taking up a 50% stake in the refinery and cracker project in the Pengerang Integrated Complex (PIC) under the estimated US$7billion deal with Petronas.

Saudi Aramco will supply up to 70% of the crude feedstock requirement of the refinery, with natural gas, power and other utilities to be supplied by Petronas. With capacity to refine 300,000 barrels of crude per day, RAPID’s refinery will produce a host of refined petroleum products, including gasoline and diesel which meets Euro 5 fuel specifications; as well as feedstock for its integrated petrochemical complex producing 3.5 million tonnes per annum of products.


 

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