Kuala Lumpur, Feb 28\u2013 The Saudi Arabian Oil Company (Saudi Aramco) and Petroliam Nasional Berhad (PETRONAS) today signed a Share Purchase Agreement (SPA), allowing Saudi Aramco\u2019s equity participation in PETRONAS\u2019 Refinery & Petrochemical Integrated Development (RAPID) project in the southern Malaysian state of Johor.<\/p>\n
Witnessed by the Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al Saud and the Datuk Seri Najib Tun Abdul Razak, Prime Minister of Malaysia, the agreement was signed by Amin H. Nasser, President and CEO, Saudi Aramco and Datuk Wan Zulkiflee Wan Ariffin, President & Group CEO, PETRONAS.<\/p>\n
The signing ceremony was held in conjunction with King Salman\u2019s state visit to Malaysia. Also present at the ceremony was His Excellency Khalid A. Falih, Saudi Arabia\u2019s Minister of Energy, Industry & Mineral Resources and Chairman of the Board of Directors of Saudi Aramco.<\/p>\n
Upon the completion of the transaction, subject to regulatory approvals and the completion of other associated agreements, both partners will hold equal ownership in selected ventures and assets of the RAPID project within the Pengerang Integrated Complex (PIC).<\/p>\n
The RAPID project is part of the PIC development undertaken by PETRONAS and is positioned to be a regional downstream oil and petrochemical industrial hub, paving a new frontier of technology and economic development in the Southeast Asia region. \u00a0<\/p>\n
This partnership marks the beginning of a strategic, mutually beneficial relationship providing RAPID with high-impact strengths and synergies from both Saudi Aramco and PETRONAS.\u00a0<\/p>\n
\u201cMalaysia offers tremendous growth opportunities and today\u2019s agreement further strengthens Saudi Aramco\u2019s position as the leading supplier of petroleum feedstock to Malaysia and Southeast Asia, and with RAPID\u2019s strategic location in a prolific hub, it would also serve to enhance energy security in the Asia-Pacific region. Together with Malaysia, the Southeast Asia region offers tremendous growth opportunities,\u201d said Amin.\u00a0<\/p>\n
Under the partnership, Saudi Aramco will supply up to 70 per cent of the crude feedstock requirements of the refinery, with natural gas, power and other utilities supplied by PETRONAS.<\/p>\n
With capacity to refine 300,000 barrels of crude per day, RAPID\u2019s refinery will produce a host of refined petroleum products, including gasoline and diesel which meets Euro 5 fuel specifications; as well as feedstock for its integrated petrochemical complex producing 3.5 million tonnes per annum of products.\u00a0<\/p>\n
Situated 400 kilometers south of Malaysia\u2019s capital Kuala Lumpur, the PIC development is almost 60 percent complete and is on track for refinery start-up in 2019.<\/p>\n
Apart from RAPID, which comprises the refinery, cracker and the downstream petrochemical complex, the PIC, located on a 6,242-acre site, also includes the development of associated facilities such as a co-generation plant, an LNG re-gasification terminal, a raw water supply project, a deep water terminal, as well as centralized and shared utility facilities.\u00a0<\/p>\n
The PIC forms part of Malaysia\u2019s ambitious 22,000-acre Pengerang Integrated Petroleum Complex (PIPC) under the Government\u2019s Economic Transformation Programme to establish new engines of growth and push the nation into a new frontier of technology and economic development in the oil and gas downstream sector.<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Kuala Lumpur, Feb 28\u2013 The Saudi Arabian Oil Company (Saudi Aramco) and Petroliam Nasional Berhad (PETRONAS) today signed a Share Purchase Agreement (SPA), allowing Saudi Aramco\u2019s equity participation in PETRONAS\u2019 Refinery & Petrochemical Integrated Development (RAPID) project in the southern Malaysian state of Johor. Witnessed by the Custodian of the Two Holy Mosques King Salman […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-165","post","type-post","status-publish","format-standard","hentry","category-corporate"],"_links":{"self":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/comments?post=165"}],"version-history":[{"count":1,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/165\/revisions"}],"predecessor-version":[{"id":6413,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/165\/revisions\/6413"}],"wp:attachment":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/media?parent=165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/categories?post=165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/tags?post=165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}