State oil giant Saudi Aramco has reportedly scrapped plans for an up to $20.1bn project with Malaysia’s Petronas in Pengerang, Johor.
Sources familiar with the matter told the Wall Street Journal that Aramco had concluded the project would not generate sufficient returns after conducting a feasibility study.
Both firms denied to comment.
News of a potential joint venture between the two companies was first reported in June.
It was said to involve a refinery with a capacity for 300,000 barrels of oil a day and a steam cracker plant with a capacity of more than 3 million tonnes of petrochemicals.
The preliminary plan estimated the plant would cost $12bn, according to the report.
Source: Gulf Business
LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]
LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]
LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]