Saudi Aramco has invested US$7 bln for a 50% stake in Petronas' Refinery and Petrochemical Integrated Development (RAPID). Spread across a 25-sq.-km area, RAPID will boast the capacity to refine 300,000 bpd of crude into gasoline and diesel, once it is completed in 2019. Its petrochemical facilities will be capable of producing 3.5 mln tons of products annually. Besides supporting the project through bridge loans, Saudi Aramco is expected to supply up to 70% of the crude feedstock for the refinery. The company said it made the final decision to invest after weighing Malaysia's potential for growth, as well as its location in Southeast Asia.
"We see Malaysia as a market and platform for us to target Southeast Asia and the Asian region," said Khalid al-Falih, the company's chairman.