Prime Minister Najib Razak will announce the project, Petronas said in a media invitation without giving details.
The Star newspaper had earlier cited unnamed sources as saying that Petronas would invest about 50 billion ringgit ($17 billion) in a downstream oil and gas complex in southern Johor state that neighbors Singapore.
The facility in Pengerang, Johor, would include oil refining and petrochemical facilities as well as a gas power plant, the paper said.
The Johor state government would be a partner in the project and provide the land. Multinational energy firms would later take part as joint-venture partners, the report said.
The oil and gas facility is part of a government blueprint to attract $444 billion in investments in strategic industries over 10 years to boost economic growth.
The newspaper said the project would complement plans for a 5 billion ringgit independent deepwater petroleum terminal in Pengerang, which would be the first deepwater terminal in Southeast Asia.
The Southeast Asian country has 106 marginal oil fields, with 580 million barrels of oil and the government has announced plans to tap into the wells.
Petronas plans to spend up to 275 billion ringgit over the next five years as it seeks to boost its stable of high-yielding oil assets and secure profit growth.
