- the Prince Salman plan is to jump-start huge petrochemical plants
- Saudi Arabia is burning through cash reserves
More evidence today that Saudi is running short of cash: Reuters is reporting that Saudi Aramco shelves plans for venture with Malaysia's PETRONAS. Data points:
- would have been a joint venture
- would have been a $27 billion refining and petrochemical project in Malaysia
- lots of excuses at the linked article
- decision comes at a time when PETRONAS is struggling with the slump in oil prices
- PETRONAS has cut back elsewhere
- PETRONAS has yet to make a final investment decision (FID) on a controversial $27 billion LNG project in Canada
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