Petronas, Saudi Aramco Said Seeking Pitches for $7 Billion Loan
- Deadline for financing proposal later this month, people say
- Loan to part fund construction of projects worth $12 billion
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Malaysia’s state-owned oil corporation and Saudi Arabian Oil Co. are asking banks for proposals to finance about $7 billion for a planned refinery and a petrochemical complex in the Southeast Asian nation, according to people familiar with the matter.
The lenders would provide financing for the two projects worth a total of $12 billion to be constructed by Petroliam Nasional Bhd. and Saudi Aramco under a memorandum of understanding that the two firms have signed, according to the people, who asked not to be identified as the process is private. The banks are expected to submit proposals by later this month, the people said.