Petronas soldiers on with RAPID project

Malaysia

KUALA LUMPUR, January 27, 2017 – Petronas is moving ahead with its Refinery and Petrochemical Integrated Complex (RAPID) project, which remains on schedule despite lack of interest from investors, the company said on Friday.

“Petronas would like clarify that its Pengerang Integrated Complex project will continue to be the focus of its downstream growth agenda in the coming years,” the company said in the email to Reuters. On Wednesday, media reported that Saudi Aramco had declined to participate in the venture.

“Despite the current slowdown in the world economy and depressed oil prices, the […] investment remains a priority for Petronas.”

Commissioning of the USD 27-billion project is expected in 2019.

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