Petronas likely to make final investment decision on Johor refinery project by mid-2013

11-Jun-12

Malaysia's state energy firm Petronas is expected to make a final investment decision on its US$20 bln refinery project in Johor by the middle of next year, a senior executive told Reuter. The refinery could start commissioning activities at the end of 2016. The Malaysian project is aimed at creating a trading hub in Southeast Asian nation's south, although Asian refining margins have come under pressure from new refining capacity and the global economic slowdown. Petronas first unveiled the Refinery and Petrochemicals Integrated Development (RAPID) project in May and it has signed a heads of agreement with Itochu Corporation and Thailand's PTT Global Chemical Pcl to build two separate petrochemical complexes.