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Petronas to secure soon new JV partner for Rapid project

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Petronas to secure soon new JV partner for Rapid project Empty Petronas to secure soon new JV partner for Rapid project

Post by Cals Tue 12 Nov 2013, 21:05

Petronas to secure soon new JV partner for Rapid project
Business & Markets 2013
Written by Bernama   
Tuesday, 12 November 2013 18:13
KUALA LUMPUR (Nov 12): Petronas will soon secure another joint venture (JV) partner for the Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor.
Chief Operating Officer and Executive Vice President Downstream Business, Datuk Wan Zulkiflee Wan Ariffin said the national oil company was currently working towards finalising a few shareholders' agreement with existing JV partners.
"We will announce the final investment decision regarding the project by the end of the first quarter next year," he added.
He said this when asked for an update on the project at a media briefing to announce Petronas' latest quarterly results, here today.
To date, Petronas has inked agreements with Italy's Versalis SpA, Japan's Itochu and Bangkok-listed PTT Global Chemical as JV partners, to build specialty chemical plants.   
Last month, Petronas announced that the company was delaying the Rapid project further to 2018, after previously pushing the deadline back from 2016 to 2017.
The proposed Rapid project by Petronas is by far the largest liquid-based green-field downstream undertaking in Malaysia.
It will have a 300,000 barrels per day refinery to supply the petrochemical complex, apart from producing a host of refined petroleum products, including gasoline and diesel that meet the Euro 4 and Euro 5 fuel specifications.
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