Tecnicas Reunidas awarded US$1.5 bln turnkey contract as part of Malaysia's RAPID project

19-Aug-14

Spanish oil engineering company Tecnicas Reunidas has been awarded a US$1.5 bln turnkey contract as part of the Refinery and Petrochemicals Integrated Development (Rapid) project in Malaysia, as per Reuters. The 50-month contract, awarded by Petroliam Nasional Berhad (Petronas), is to engineer, supply and build part of the massive complex, which will include a refinery and integrated petrochemical plant, the company said in a statement. The contract is an opportunity for the Spanish company to move in to the new, strategic market of Malaysia and foster relations with Petronas. The refinery at the Rapid project, worth a total of US$27 bln, will have a capacity of 300,000 bpd while the petrochemicals plant will have a production capacity of 7.7 mln tons of related products a year.