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Tuesday, 28 February 2017

Aramco's Malaysia deal gives Saudis upper hand in fight for Asia oil share | Reuters

Aramco's Malaysia deal gives Saudis upper hand in fight for Asia oil share | Reuters:

"Top global oil exporter Saudi Arabia broke from the pack in the race to lock up Asian market share after agreeing on Tuesday to pump $7 billion into a refinery-petrochemical complex in Malaysia, analysts said. State oil giant Saudi Aramco's IPO-ARMO.SE investment into Malaysia's RAPID project will secure an outlet for its crude oil for at least two decades and beefs 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."



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