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

Reuters

KUALA LUMPUR (Reuters) - Malaysian companies and their Saudi Arabian counterparts signed on Tuesday preliminary agreements for seven deals worth more than $2 billion (1.6 billion pounds), 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 industry 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; Editing by Muralikumar Anantharaman)