Abu Dhabi will invest close to US$7 billion (Dh25.71bn) in an oil storage facility in Malaysia.
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, used his one-day visit to Kuala Lumpur to conclude the deal, attending the signing ceremony alongside Najib Razak, Malaysia’s president.
Mr Razak said the planned facility would be built at a cost of $6.75bn in Tanjung Piai in Johor state, and would be able to hold up to 60 million barrels of oil.
Malaysia wants to develop the area as an oil and gas hub. The bulk of Abu Dhabi’s oil ends up in Asia, where economic growth is fanning demand for energy.
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