KUALA LUMPUR, March 1 — Opposition claims that the Saudi Arabian Oil Company will pull out of the Refinery and Petrochemicals Integrated Development (Rapid) project in Pengerang, Johor, fizzled out with Saudi Aramco signing an MoU with Petronas today, said Datuk Seri Azalina Othman Said.

The Minister in the Prime Minister’s Department said the collaboration would open up more job and business opportunities for the local people and make the Pengerang parliamentary constituency a focus of domestic and foreign investors.

"All Johoreans, regardless of position, religion and race, should welcome such a huge investment because it will place Johor in the eyes of the world,” she said in a statement.

Petronas today signed a share purchase agreement with Saudi Aramco, allowing the latter to acquire a 50 per cent equity in the Petronas Rapid refinery and cracker assets.

Azalina, who is the MP for Pengerang, said the investment would drive development and bring prosperity to the people of Johor and Malaysia.

"This success could not have been realised without the efforts of the state and federal governments, particularly in drawing global investors,” she said. — Bernama