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Saudi oil giant Aramco is buying an equity stake in Malaysian firm Petronas' major refining and petrochemicals project in the southeast Asian country, investing a total of $7 billion, the companies confirmed on Tuesday. 

In a joint statement, the firms said Aramco will take a 50 percent stake in select ventures and assets in the Refinery and Petrochemical Integrated Development (RAPID) project developed by Malaysian state-controlled Petroliam Nasional Berhad, known as Petronas. 

The deal signing was formally witnessed by Malaysian Prime Minister Najib Razak and Saudi King Salman, currently on a state visit to Malaysia.Petronas' Chief Executive Officer Wan Zulkiflee Wan Ariffin told reporters Aramco will take a 50 % stake in RAPID's refinery and cracker project.