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MAMMOTH PROJECT: Petronas US$16b development in
Johor set for refinery start-up by early 2019
THE US$16 billion (RM53 billion) Refinery and Petrochemical Integrated
Development (Rapid) in Pengerang, Johor, will proceed as planned,
ending concerns that the mammoth project will be scrapped due to the
withdrawal of several potential partners.
Petroliam Nasional Bhd (Petronas) said yesterday its board had approved
the final investment decision (FID) for the development of the Pengerang
Integrated Complex (PIC), which
includes Rapid and other associated facilities development.
The FID marks a significant milestone in the progress of the proposed
PIC, which comprises a world-scale Rapid and other associated
facilities, Petronas said in a statement.
Rapid is estimated to cost about US$16 billion, while the associated
facilities will involve another US$11 billion in investments.
The national oil corportaion has signed heads of agreement with Italys
Versalis, Japans Itochu and Thailands PTT Global Chemical to build
specialty chemical plants within Rapid.
Germanys Evonik has joined the project after BASF pulled out, citing
differences in business strategies.
But there were also reports that Taiwans KuoKuang Petrochemical
Technology and PTT Global Chemical had decided to pull out of the
project.
Petronas president and group chief executive officer Tan Sri Shamsul
Azhar Abbas said the FID is a critical stage gate in the groups decision-
making process.
Petronas undertook a rigorous review of the project, including
independent third-party assessment, to ensure it meets our criteria for
long-term profitable and sustainable growth.
This decision is in line with our commitment to capital discipline, and
with the boards approval, we look forward to progressing the development
of the project as planned, he said.
The partners respective FIDs will be announced in due course upon the
approval of their respective boards, Shamsul said.
03 April 2014| last updated at 01:42AM
Green light for Rapid
By KAMARUL YUNUS |
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bt@mediaprima.com.my
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Developed within a 2,526ha site, PIC will consist of a 300,000-barrel-
per-day refinery and a petrochemical complex with a combined yearly
production capacity of 7.7 million tonnes of various grades of products.
The PIC is part of the larger Pengerang Integrated Petroleum Complex
(PIPC) proposed and promoted by the Johor government.
With its strategic location along one of the worlds busiest shipping
la-nes and its proximity to international trading hub, the PIPC is
well-positioned to be the next regional downstream oil and gas industrial
hub.



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