JV between Saudi Aramco and Petronas ($20bn)

The petrochemical groups Saudi Aramco and Petronas are about to create a Joint Venture in order to develop exploration and oil refining projects near Singapore, worth $20bn. The companies had already been in talks for a long time to develop a project including the extraction and refining of a minimum of 300,000 barrels of oil a day, however the talks came to a stalemate in January. (Source WSJ)