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

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. ($1 = 4.4430 ringgit)

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)