x Abu Dhabi, UAEFriday 28 July 2017

Abu Dhabi Crown Prince in Malaysia for signing of $6.7bn oil store deal

Sheikh Mohammed bin Zayed was in Malaysia today to observe the signing of a US$6.7 billion investment in a strategic oil-storage centre.

Abu Dhabi Crown Prince Mohammed bin Zayed Al-Nahyan inspects a guard of honour in Putrajaya on March 12, 2013. Sheikh Mohammed arrived for a visit to hold talks with the Malaysian leadership on bilateral and international issues. Courtesy AFP
Abu Dhabi Crown Prince Mohammed bin Zayed Al-Nahyan inspects a guard of honour in Putrajaya on March 12, 2013. Sheikh Mohammed arrived for a visit to hold talks with the Malaysian leadership on bilateral and international issues. Courtesy AFP

ABU DHABI // Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces was in Malaysia today to observe the signing of a US$6.7 billion investment in a strategic oil-storage centre.

The emirate will invest $6.7m (Dh24.6m) to build a storage centre Johor state that will hold as much as 60 million barrels of oil in a strategic reserve.

Sheikh Mohammed attended the signing of the agreement with the Malaysian prime minister Najib Razak, and spent the rest of the day in talks with top Malaysian officials, the state news agency Wam reported.

He was joined in Kuala Lumpur by the Minister of Interior and Deputy Prime Minister, Sheikh Saif bin Zayed, and Foreign Affairs Minister Sheikh Abdullah bin Zayed. Senior officials from the International Petroleum Investment Company were also present.

The Crown Prince said Malaysia and the UAE shared a determination to make the best investments for their people.

"This has earned both of our countries high respect and opened the doors for an overall development, giving the relationship between the countries a special significance," Sheikh Mohammed said, according to the Malaysian news agency Bernama.

Abu Dhabi has similar storage agreements with Korea and Japan, helping ensure uninterrupted supply of oil to rapidly growing markets in Asia, where most of the emirate's oil is exported.

Also today Aabar Investments agreed to link up with the government-owned investment company 1Malaysia Development Berhad in a Dh21bn investment deal for the South-East Asian nation.

osalem@thenational.ae