Saudi Aramco is to receive an investment offer from Petronas by December 2016. The Malaysian company showed interest in  its $21b refining and petrochemicals project located in Pengerang, Johor. The offer will include a 50% stake in the project for Aramco, in order to set up a joint-venture (JV) company in the first quarter of 2017, reported The Edge Financial Daily.

The Rapid complex comprises of a refinery, petrochemical and cogeneration plant, an LNG regasification terminal, an air-separation unit, a raw-water supply project, a liquid bulk terminal, as well as central and shared utilities and other related facilities. The first phase of the project is slated to be completed in mid-2019. The project’s combined capacity to produce 7.7mt/y of various grades of products, including differentiated and specialty chemicals products, according to New Straits Times Online.

In June, Petronas and Saudi Aramco, the world’s largest crude oil exporter, had firmed up an agreement earlier this year to facilitate the development of a refinery and a steam cracker complex, the backbone of its Refinery and Petrochemical Integrated Development (Rapid) project in Johor.

Further, Saudi Arabia is expected to partially list Saudi Aramco, as part of an economic transformation to contend with the prolonged drop in oil prices. The listing is estimated to be worth between $2t and $3t in what could be the world’s largest-ever initial public offering, targeted for 2018.