Petronas seeking to raise US$7.2 bln for Rapid project -one of the largest project financings from Asia

21-Jun-16

Petroliam Nasional Bhd (Petronas) is seeking to raise US$7.2 bln (RM29.5 bln) for its Refinery and Petrochemical Integrated Development (Rapid) project in one of the largest project financings from Asia in recent years, Thomson Reuters LPC reported. The state-owned oil company has asked banks for underwriting commitments of at least US$500 mln (RM2 bln) by next week. The project in the southern state of Johor is set to be Malaysia’s largest liquid-based green-field downstream development. It will consist of a 300,000-bpd refinery and petrochemical complex, with a combined chemical output capacity of 7.7 mln tpa.
A banking source confirmed to Reuters that Petronas has issued a request for proposals for the loan to be used to finance the US$16 bln (RM65.5 bln) Rapid project.