Saudi Aramco has signed a share purchase agreement with Malaysia’s state firm Petronas for a 50% stake in the Refinery and Petrochemical Integrated Development (Rapid) project, which is under construction 400km south of Kuala Lumpur at Johor.

The deal was concluded on 28 February during a series of Asian state visits led by King Salman, beginning in Malaysia and taking in Indonesia before moving on to Brunei, Japan and China. Malaysian Prime Minister Najib Razak told reporters that...