On 1st March, Saudi Aramco signed an agreement with Malaysia's national oil company, PETRONAS. The deal will allow Aramco's to have equal ownership in selected ventures and assets of the RAPID project within the Pengerang Integrated Complex (PIC)[1]. The RAPID project includes a refinery with the capacity to churn out 300,000 barrels of oil a day, a cracker plant and a petrochemical complex with an annual production capacity of 7.7 million metric tons. The refinery begins operation in 2019.
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| Saudi Aramco signed an agreement with PETRONAS on participation in RAPID |
The partnership marks the beginning of a strategic relationship providing RAPID with high-impact strengths from both Saudi Aramco and Petronas. “On the occasion of the historic state visit to Malaysia by King Salman, Saudi Aramco is proud to be entering into a deeper partnership with our world class partner Petronas via the RAPID project,” Aramco’s president Nasser said. “Together with Malaysia, the Southeast Asia region offers tremendous growth opportunities and today’s agreement further strengthens Saudi Aramco’s position as the leading supplier of petroleum feedstock to Malaysia and Southeast Asia.”[1]
After since, our index had been quite bullish. Notice of the support at 1690.93? The chart bounced off the support on the 1 March 2017 and after that, it continued its uptrend. We can also draw an uptrend channel after the V-shape rebound in the beginning of 2017. To add some spice to that, SMA50 had crossed over SMA200, which confirms that the bull is back~
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| FBMKLCI Daily Chart |
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