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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 Italy’s

Versalis, Japan’s Itochu and Thailand’s PTT Global Chemical to build

specialty chemical plants within Rapid.

Germany’s Evonik has joined the project after BASF pulled out, citing

differences in business strategies.

But there were also reports that Taiwan’s 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 group’s 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 board’s 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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fuels.

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 world’s 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

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