Petronas Deals Blow To Aramco: Won’t Buy Shares

Malaysia’s state oil company Petronas, which Aramco was courting as a large investor in its upcoming initial public offering, has decided against the investment. “Petronas would like to confirm that after due consideration, the company has decided not to participate in Saudi Aramco’s initial public offering exercise,” Petronas said in a statement, as quoted by Reuters. The Malaysian and the Saudi company are partners in a $27-billion downstream project in Malaysia, which is scheduled to begin operations by the end of…