White & Case has advised Saudi Arabian Oil Company (Aramco) on its $7 billion investment in a project developed by Malaysia’s Petroliam Nasional Berhad (Petronas), which turned to Shearman & Sterling for counsel. 

Called the Refinery and Petrochemical Integrated Development (RAPID) project, it is expected to be the biggest downstream petrochemical project in Asia after its completion in 2019. 

The total development cost for RAPID, which is part of the Pengerang Integrated Complex (PIC) in the southern Malaysian state of Johor, has been estimated at $27 billion. It will house a 300,000 barrel-per-day oil refinery as well as a petrochemical complex with a production capacity of 7.7 million metric tonnes. 

Aramco’s investment comes as Malaysia’s national oil company has been slashing expenditures in the past year amid slumping oil prices. On the other hand, Saudi Energy Minister Falih said that the kingdom is looking to use this as a platform to other similar investments in Southeast Asia, according to a Reuters report. 

Shearman’s project development and finance team has been advising Petronas on various elements of the RAPID project since 2012, led by Singapore-based partner Bill McCormack. For the Aramco investment, partners Anthony Patten, Sidharth Bhasin, Ben Shorten, Iain Elder and Daryl Chew oversaw the transaction for Shearman.

W&C’s Saudi Aramco legal team is led by William Montjoy. The $7 billion investment was handled by partners Steve Payne, Michael Watson, Wendell Maddrey, Jean Shimotake, Luke Robottom, Paul Harrison, Pontus Lindfelt and Jon Bowden for the firm.