KUALA LUMPUR, Feb 28 ― Malaysian companies and their Saudi Arabian counterparts signed today preliminary agreements for seven deals worth more than US$2 billion (RM8.89 billion), as the oil-rich gulf nation seeks to build ties and investment opportunities in Asia.

The deals, valued at RM9.74 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 Datuk Seri 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) this afternoon to invest US$7 billion in an oil refinery and petrochemical project in Malaysia's southern state of Johor. ― Reuters