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Malaysia, Saudi Arabia firms sign over $2 bln worth of deals

Malaysia's Minister of Higher Education Idris Jusoh (R) and Saudi Arabia's Minister of Labour and Social Development Ali Nassir Al Ghafies (L) sign documents as Saudi King Sultan Salman Abdulaziz and Malaysia's Prime Minister Najib Razak look on during the signing of a memorandum of understanding between the two countries in Putrajaya, outside Kuala Lumpur on February 27, 2017. (AFP / MOHD RASFAN)
KUALA LUMPUR: Malaysian companies and their Saudi Arabian counterparts signed on Tuesday preliminary agreements for seven deals worth more than $2 billion, as the oil-rich gulf nation seeks to build ties and investment opportunities in Asia.
The deals, valued at 9.74 billion ringgit ($2.19 billion), will cover joint ventures and cooperation in several sectors including oil and gas, Islamic finance, shariah compliant products, the halal industy and manufacturing, Malaysia’s Trade Minister Mustapa Mohamed said at a press conference.
Saudi state oil company Aramco is also expected to sign a deal with Malaysia’s Petroliam Nasional Bhd (Petronas) on Tuesday afternoon to invest $7 billion in an oil refinery and petrochemical project in Malaysia’s southern state of Johor.
(Reporting by Rozanna Latiff and Liz Lee)

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