Petronas in talks with 10 potential investors, oil and gas companies to set up operations at RAPID project

20-Apr-12
Petroliam Nasional Bhd (Petronas) is in talks with 10 potential investors and companies involved in the oil and gas related activities to set up their operations at its refinery and petrochemicals integrated development (Rapid) project. The RM60bil complex is located in the southeast Johor and the proposed 300,000 bpd crude oil refinery capacity is larger than the combined capacities of Petronas' existing refineries in Malacca, Kertih and Gebeng. RAPID Executive Project Director, Wan Yusoff said it was vital to attract world-class, oil, gas and petrochemical companies to invest in the project as they would contribute to the country's aspiration to become a high-income nation by 2020. Several options are available to the investors - by setting up their own operations or through joint-venture with Petronas. Rapid's close proximity with Singapore could create potential collaboration in term of logistics and products disposal. Additionally, being close to the sources of demand, particularly Indonesia, is an added advantage.
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