KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) is currently conducting detailed feasible study on the refinery and petrochemicals integrated development (RAPID) project in Pengerang, south Johor, the national oil company's president Datuk Shamsul Azhar Abbas announced.
'This will be Petronas' largest ever investment in the downstream business. This project will bring Petronas to a different level,' Shamsul said on Friday, May 13.
According to Shamsul, the massive downstream project, which is scheduled to commence operation by 2016, would cost Petronas US$20 billion (RM60 billion) or even more, depending on the final outcome of the feasible studies and the products streams.'' The final investment decision will be made by end-2012.
RAPID project is the national oil company's initiative; the idea was first mooted two years ago. 'This is not part of the Economic Transformation Programme. It is something that is over and above it,' Shamsul explained.
RAPID will comprise a crude oil refinery with capacity of 300,000 barrels per day, a naptha cracker that will produce about three million tonnes of ethylene, propylene, C4 and C5 olefins annually, and a petrochemicals and polymer complex that will produce differentiated and highly specialised chemicals.The capacity of the RAPID will be bigger than the current combined production in Kertih and Gebeng.
Shamsul noted that the project specialised in 'highly specialised chemicals', very few local companies would have that competency. 'We will tie up with the high end partners,' he said, adding that foreign partners might eventually hold equity stake in RAPID.
'This will be Petronas' largest ever investment in the downstream business. This project will bring Petronas to a different level,' Shamsul said on Friday, May 13.
According to Shamsul, the massive downstream project, which is scheduled to commence operation by 2016, would cost Petronas US$20 billion (RM60 billion) or even more, depending on the final outcome of the feasible studies and the products streams.'' The final investment decision will be made by end-2012.
RAPID project is the national oil company's initiative; the idea was first mooted two years ago. 'This is not part of the Economic Transformation Programme. It is something that is over and above it,' Shamsul explained.
RAPID will comprise a crude oil refinery with capacity of 300,000 barrels per day, a naptha cracker that will produce about three million tonnes of ethylene, propylene, C4 and C5 olefins annually, and a petrochemicals and polymer complex that will produce differentiated and highly specialised chemicals.The capacity of the RAPID will be bigger than the current combined production in Kertih and Gebeng.
Shamsul noted that the project specialised in 'highly specialised chemicals', very few local companies would have that competency. 'We will tie up with the high end partners,' he said, adding that foreign partners might eventually hold equity stake in RAPID.
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