PETRONAS, the national oil company of Malaysia, and Saudi Aramco, the national oil company of Saudi Arabia, are pleased to announce the formation of two joint ventures for the Refinery and Petrochemical Integrated Development (RAPID) project.
The partnership between two most successful national oil companies in the world, bringing together the resources, technologies, experience, expertise and commercial presence.
Through this collaboration, Saudi Aramco will supply 50% of the refinery’s crude feedstock requirements with the option of increasing to 70%. Meanwhile, natural gas, power and other utilities will be supplied by PETRONAS and its affiliates. The parties will share the rights to offtake the production of the joint ventures on an equal basis.
The refinery, which has a capacity of 300,000 barrels of crude per day, will produce a range of refined petroleum products, including gasoline and diesel, which meet Euro 5 fuel specifications. It will also provide feedstock for the integrated petrochemical complex, with a nameplate capacity of 3.3 million mtpa.
