Saudi Arabian Oil Co., or Saudi Aramco, has given up plans to partner Malaysia’s national oil company for an up to 89 billion ringgit ($20.1 billion) refining and petrochemicals project in the southern state of Johor, according to three people familiar with the matter. The world’s largest oil firm concluded that the project led by Petroliam Nasional Bhd., or Petronas, wouldn’t generate sufficient returns after conducting a…