BLOOMBERG.COM
Saudi Arabian Oil Co. expanded its ownership of refineries and petrochemical plants in Indonesia and Malaysia with investments totaling $13 billion as it prepares for what may be the biggest ever initial public offering by bulking up its business in Asia, its largest market. The Middle Eastern oil giant, known as Saudi Aramco, signed a $6 billion agreement Wednesday with Indonesia’s PT Pertamina for refinery projects. A separate $7 billion deal with Malaysia’s state-owned Petroliam Nasional Bhd. to develop an oil refinery and naphtha cracker in the southeast Asian country and provide up to 70 percent of the crude requirements, was sealed Tuesday. “This will strengthen the equity story for Saudi Aramco,” Khalid Al Falih, the kingdom’s energy minister, said in Kuala Lumpur on Tuesday. “Investors will be looking for a company that has breadth in its portfolio.”
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Saudi Arabian Oil Co. expanded its ownership of refineries and petrochemical plants in Indonesia and Malaysia with investments totaling $13 billion as it prepares for what may be the biggest ever initial public offering by bulking up its business in Asia, its largest market. The Middle Eastern oil giant, known as Saudi Aramco, signed a $6 billion agreement Wednesday with Indonesia’s PT Pertamina for refinery projects. A separate $7 billion deal with Malaysia’s state-owned Petroliam Nasional Bhd. to develop an oil refinery and naphtha cracker in the southeast Asian country and provide up to 70 percent of the crude requirements, was sealed Tuesday. “This will strengthen the equity story for Saudi Aramco,” Khalid Al Falih, the kingdom’s energy minister, said in Kuala Lumpur on Tuesday. “Investors will be looking for a company that has breadth in its portfolio.”
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