Writing in the Wall Street Journal, Summer Said and Yantoulra Ngui say Saudi Arabian Oil Co., or Saudi Aramco, has given up plans to partner Malaysia’s national oil company for an up to 89 billion ringgit ($20.1 billion) refining and petrochemicals project in the southern state of Johor, according to three people familiar with the matter. The world’s largest oil firm concluded that the project led by Petroliam Nasional Bhd., or Petronas, wouldn’t generate sufficient returns after conducting a feasibility study, according to the people. The two companies were in talks to create a joint venture partnership to build a refinery with capacity to process 300,000 barrels of oil a day, alongside a petrochemical complex with a combined annual chemical output of 7.7 million metric tons, the people said.
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Headline crude prices for the week beginning 12 November 2018 – Brent: US$71/b; WTI: US$60/b
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