Petronas and the Saudi Arabian Oil Company Saudi Aramco are negotiating for a US$7.5 billion (RM30 billion) syndicated loan to finance a proposed refinery and petrochemical complex in Johor. According to reports from The Straits Times bankers as saying the 50-50 joint venture between the two international oil giants will be a straightforward loan ahead of a larger bond issue later to finance the Refinery and Petrochemical Integrated Development Project (Rapid), in the Pengerang industrial zone in Johor.
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