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Saudi Aramco has signed a share purchase agreement with Malaysia’s state firm Petronas for a 50% stake in the Refinery and Petrochemical Integrated Development (Rapid) project, which is under construction 400km south of Kuala Lumpur at Johor.
The deal was concluded on 28 February during a series of Asian state visits led by King Salman, beginning in Malaysia and taking in Indonesia before moving on to Brunei, Japan and China. Malaysian Prime Minister Najib Razak told reporters that Aramco would invest $7bn in Rapid.
Petronas has already started building Rapid, which is scheduled for refinery start-up in 2019. The refinery will have capacity to process 300,000 b/d of crude, with products meeting Euro 5 specifications. Later the refinery will provide feedstock for an integrated 3.5mn tons/year petrochemicals plant. (CONTINUED - 697 WORDS)
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