Saudi Aramco, the world's single largest producer of crude oil, will move its regional headquarters from Singapore to Malaysia to reduce costs, a report said Friday.

The New Straits Times, citing unnamed senior Aramco officials, said the move by the conglomerate, which is owned by the Saudi government, was also due to Malaysia's infrastructure as an oil-producing nation.

"The decision to move from Singapore to Kuala Lumpur is believed to be due to cost reasons, as Kuala Lumpur is a cheaper base compared with Singapore," said the report.

"Another factor which swayed (Aramco's) decision was that Malaysia itself is an oil-producing nation and in MISC Corp Berhad, the country has the world's largest sea fleet owner of liquified natural gas transporters," it said.

Malaysia International Shipping Corporation is a Malaysian shipping company.

The newspaper said Saudi Aramco will be setting up in Kuala Lumpur's iconic Twin Towers building, where Malaysia's national oil company Petronas is headquartered.