Riyadh – Mubasher: Malaysia's Prime Minister announced on Monday that Saudi Aramco will invest $7 billion into an oil refinery to be set up by Malaysian oil company Petroliam Nasional Bhd (Petronas), Reuters reported.

The news agency added that the decision was taken after discussion between top executives from both firms.

Najib Razak stated that the refiner will be part of Malaysia's Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang in the southern state of Johor, according to Reuters.