Aramco is expanding downstream in Malaysia and elsewhere in Asia. A new Indian subsidiary paves the way for investment there.

Saudi Aramco is paying $900mn for 50% of PRPC Polymers, a subsidiary of Malaysian state firm Petronas.

The deal appears to be part of a larger agreement signed in February, under which Aramco will spend $7bn to take 50% of the ‘Rapid’ (Refinery and Petrochemical Integrated Development) project under construction at Johor, opposite Singapore.

Rapid will...