SHAH ALAM: Datuk Seri Abdul Rahman Dahlan says he was “at the right place and time” to help secure Saudi Aramco’s USD7bil (RM30.98bil) investment in the Petronas Pengerang Integrated Complex in Johor.
The Minister in the Prime Minister’s Department said the multi-billion ringgit deal had been progressing slowly for two years and he was sent to Saudi Arabia to facilitate the deal.
“I was sent by the prime minister to Riyadh at the end of last year after negotiations became very slow.
“They were not straightforward at the formal meeting, but during an informal meet outside, they told me that they were worried about Malaysia’s economic situation,” he said.
As a minister, Abdul Rahman said he was there “at the right place and the right time” and used the opportunity to clear the misunderstanding.
He added that Saudi Aramco’s investment is expected to begin in a years’ time, explaining said that the time frame was expected following several aspects of the investment deal that had to be ironed out.
“We assume Saudi Aramco will come in at the end of this development.
“Since the deal was inked, there are several matters – especially regulatory terms – that have to be resolved. They will have to abide by the legal aspect of the agreement.
“We expect them to start investing in a years’ time,” he said after opening the third Chartered Financial Analyst (CFA) annual summit here Saturday.
NO MONEY FROM SAUDI, PETRONAS USED ITS OWN FUNDS
The deal with Saudi Aramco was sealed with Petroliam Nasional Bhd (Petronas) during a weekend visit by Saudi Arabia’s King Salman Abdulaziz Al-Saud to Malaysia on Feb 28.
Abdul Rahman also noted that construction at the Pengerang Integrated Complex project was still ongoing.
“The project is now physically at 60% completion even without the investment from Saudi Aramco.
“This is because Petronas had developed the project with its own funds from the beginning,” he said.
ANN
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