Petronas Chemicals scraps US$1.3 bln elastomers project in Rapid

15-Apr-16

Petronas Chemicals Group Bhd has scrapped the US$1.3b bln (RM5.1 bln) elastomers project, which is part of the Refinery and Petrochemicals Integrated Development (RAPID) project in Johor. As per the company, the decision was based on a review of various key aspects of the elastomers project, including the product’s market outlook and project return on investment. The project cancellation is expected to improve the overall returns of Petronas Chemicals' investments. The cancellation of the elastomers project is not expected to have any impact on the commencement date for PRPC Polymers Sdn Bhd and PRPC Glycols Sdn Bhd which is scheduled to start in 2019.