PETRONAS has said that its refinery and integrated chemicals complex – or RAPID project – in Johor, Malaysia remains a focus of investment and is on track for startup in 2019, despite reports that Saudi Aramco has cancelled plans for a joint venture in the project.
Reports from unnamed sources that the Saudi state-energy giant had shelved plans began circulating earlier this week, raising questions about the future of PETRONAS’ wider US$27bn Pengerang Integrated Complex. PETRONAS has now moved to quell the doubt and has issued a statement saying the facility is 54% complete and, as previously announced, on track to be operational in 2019.
'PETRONAS would like clarify that its Pengerang Integrated Complex project will continue to be the focus of its downstream growth agenda in the coming years,' the company said in a statement emailed to Reuters, though it did not refer to the Saudi Aramco decision.
“Despite the current slowdown in the world economy and depressed oil prices, the…investment remains a priority for PETRONAS.”
RAPID will include a 300,000 bbl/d refinery, a naphtha steam cracker and an integrated petrochemical complex with an annual capacity of 7.7m t/y producing ethylene, propylene, butadiene and other derivatives.
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