Baku, Azerbaijan, Feb.28
By Leman Zeynalova – Trend:
The Saudi Arabian Oil Company (Saudi Aramco) will have equity participation in PETRONAS’ Refinery and Petrochemical Integrated Development (RAPID) project in Malaysia.
The corresponding agreement was signed between the two companies on Feb.28, according to the message posted on Saudi Aramco’s website.
Upon the completion of the transaction, both partners will hold equal ownership in selected ventures and assets of the RAPID project within the Pengerang Integrated Complex (PIC), said the message.
The RAPID project is part of the PIC development undertaken by PETRONAS and is positioned to be a regional downstream oil and gas industrial hub, paving a new frontier of technology and economic development in the Southeast Asia region.
CEO of Saudi Aramco Amin Nasser said that this agreement further strengthens Saudi Aramco’s position as the leading supplier of petroleum feedstock to Malaysia and Southeast Asia, and with RAPID’s strategic location in a prolific hub, it would also serve to enhance energy security in the Asia-Pacific region.
Under the partnership, Saudi Aramco will meet most of the crude feedstock requirements of the refinery, with natural gas, power and other utilities supplied by PETRONAS.
.With capacity to refine 300,000 barrels of crude per day, RAPID’s refinery will produce a host of refined petroleum products, including gasoline and diesel which meets Euro 5 fuel specifications; as well as feedstock for its integrated petrochemical complex producing 3.5 million tons per annum of products.
Situated 400 kilometers south of Malaysia’s capital Kuala Lumpur, the PIC development is almost 60 percent complete and is on track for refinery start-up in 2019.
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