Petronas in Deals to Boost Cooperation with Saudi ArabiaSource: Saudi Gazette 4/23/2017, Location: Middle East
MALAYSIA’s leading oil and gas giant, Petronas, recently sealed multiple agreements with the Kingdom of Saudi Arabia. The company inked an agreement with Saudi Arabia’s Unified Lubricants Company (ULC) on the exclusive distribution of high-quality engine oils and other products in the Kingdom.
In a major move to boost cooperation with the Kingdom, Petronas also signed an agreement with Saudi Aramco in late February this year. Following the agreement, the Saudi Arabian Oil Company will have an equity stake in the Refinery and Petrochemical Integrated Development (RAPID) project developed by Petronas in the Malaysian southern state of Johor.
Engineer Mohammad Al Fahl, Board of Directors of ULC, said: “The partnership between Petronas and Saudi Arabia solidifies the Kingdom’s position as a main player in the global economy, in line with Saudi Arabia Vision 2030. Through ULC’s partnership with Petronas, we can offer a wide range of high quality products to motorists, and provide training opportunities to Saudi youth.”
Headquartered in Kuala Lumpur, Petronas is the largest company holding leadership position in Malaysia’s economy. They are also a technical partner to Mercedes AMG Petronas Motorsport and co-engineered a new range of customized fuel and lubricants to provide a competitive edge on track for the three-time Formula One world champion team.
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