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)
Updated 28 February 2017
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Malaysia, Saudi Arabia firms sign over $2 bln worth of deals

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)


Scottish government wins fracking case against energy giant Ineos

Updated 19 June 2018
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Scottish government wins fracking case against energy giant Ineos

  • The devolved government said a moratorium on fracking was in place
  • neos had argued that the ban was imposed unlawfully

EDINBURGH: Scotland’s highest court has ruled in favor of a government ban on fracking which had been challenged by energy giant Ineos, the Scottish government said on Tuesday.
“This decision vindicates the extensive process of research and consultation which the Scottish government has undertaken since 2015,” Scottish business minister Paul Wheelhouse said in a statement. “Our preferred position is not to support unconventional oil and gas extraction in Scotland (fracking), and that position remains unchanged.”
The devolved government said a moratorium on fracking — gas extraction via hydraulic fracturing of the ground — was in place. That meant no local authority could grant planning permission until an impact assessment process had been carried out.
Ineos had argued that the ban was imposed unlawfully, and that it contradicted evidence that shale gas could be produced safely by unconventional methods.
Scotland decided to outlaw fracking in October after a public consultation found overwhelming opposition to it.