Abu Dhabi signs petroleum storage deal with Malaysia

oilstorageAbu Dhabi has signed an agreement worth US$6.75bn for a petroleum storage facility in Malaysia

According to Najib Razak, Malaysia’s prime minister, the facility for storing up to 60mn barrels of crude oil would be located in Tanjung Piai in Johor state, Reuters reported.

Malaysia was looking to develop the area as an oil and gas hub, part of an economic development plan, the report added.

In a separate agreement, Abu Dhabi’s state-owned Aabar Investments PJS and Malaysia’s state-owned 1Malaysia Development Berhad agreed on an US$5.7bn partnership to invest in Malaysia.

Abu Dhabi is also expected to provide the required capital for the firm’s Tun Razak Exchange development, the Malaysian company added.

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