{"id":2507,"date":"2018-03-28T12:56:48","date_gmt":"2018-03-28T04:56:48","guid":{"rendered":"https:\/\/en.benalec.com.my\/2018\/03\/28\/petronas-and-saudi-aramco-set-up-two-rapid-joint-ventures\/"},"modified":"2019-10-25T13:25:03","modified_gmt":"2019-10-25T05:25:03","slug":"petronas-and-saudi-aramco-set-up-two-rapid-joint-ventures","status":"publish","type":"post","link":"https:\/\/www.benalec.com.my\/zh-hans\/petronas-and-saudi-aramco-set-up-two-rapid-joint-ventures\/","title":{"rendered":"Petronas and Saudi Aramco set up two Rapid joint ventures"},"content":{"rendered":"
\n

The Star
\n28th March, 2018<\/em><\/p>\n

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) and Saudi Aramco, the national oil company of Saudi Arabia, have announced the formation of two joint-ventures for the Refinery and Petrochemical Integrated Development (Rapid) project, which is part of the Pengerang Integrated Complex (PIC) in Johor, Malaysia.<\/p>\n

In its joint statement today, the companies said, the strategic alliance was a historic partnership between two of the largest and most successful national oil companies in the world, bringing together the resources, technologies, experience, expertise and commercial presence. \u201cThese joint-ventures allow the parties equal ownership and participation in the operations of the refinery, cracker and selected petrochemical facilities in Rapid.<\/p>\n

\u201cThrough this collaboration, Saudi Aramco would supply 50% of the refinery\u2019s crude feedstock requirements with the option of increasing to 70%, while natural gas, power and other utilities would be supplied by Petronas and its affiliates,\u201d the statement said.<\/p>\n

It said both companies would also share the rights to offtake the production of the joint-ventures on an equal basis.The statement said the refinery, which has a capacity of 300,000 barrels of crude per day, would produce a range of refined petroleum products, including gasoline and diesel, which meet Euro5 fuel specifications, and would also provide feedstock for PIC, with a nameplate capacity of 3.3 million metric tonnes per annum. \u201cThe PIC project is currently 87% completed, and is expected to be on track for refinery start-up in the first quarter of 2019,\u201d it said.<\/p>\n

Petronas executive vice president and chief executive officer downstream, Datuk Md Arif Mahmood, said PIC has been an amazing journey for Petronas.\u201cThis fast-track integrated development has reached peak construction this year, and it will be moving into pre-commissioning and commissioning activities soon,\u201d he said.<\/p>\n

He said the partnership with Saudi Aramco was the result of the collective effort of key stakeholders in the two governments in addition to the two companies. \u201cWe welcome Saudi Aramco\u2019s participation and look forward for a successful joint venture,\u201d he said.\u00a0 Arif said that once operational, Rapid would strengthen Petronas\u2019 ability to be flexible and reliable in meeting customers\u2019 needs and also bolster the company\u2019s position as the largest glycol and polypropylene producer, as well as the second largest high-density polyethylene and isononanol producer in Southeast Asia.<\/p>\n

Saudi Aramco downstream senior vice president, Abdulaziz Judaimi, said the agreement strengthened Saudi Aramco\u2019s position and growth in Southeast Asia through crude supply and world-scale downstream operations.<\/p>\n

\u201cThrough this venture, we will also achieve a high degree of integration between refining and petrochemicals, with petrochemicals production will be more than 20% of crude intake.<\/p>\n

\u201cIt is also in tandem with our downstream growth strategy where we are investing in a global refining and petrochemicals system of strategically located world-scale manufacturing complexes with participated refining capacity of eight to ten million barrels per day,\u201d Abdulaziz said.<\/p>\n

He said that the partnership with Petronas would also pave the way for future collaborations between the two companies. PIC is located on 2,525 hectares and is about 400km south of Kuala Lumpur, forming part of the 8,903 ha Pengerang Integrated Petroleum Complex project.<\/p>\n

Apart from the refinery, cracker and the petrochemical facilities, PIC also includes the development of associated facilities, namely a co-generation plant, an LNG re-gasification terminal, raw water supply plant, deep-water terminal, air separation unit as well as centralised and shared utility facilities. – Bernama<\/p>\n<\/div>\n

Source :\u00a0https:\/\/www.thestar.com.my\/business\/business-news\/2018\/03\/28\/petronas-and-saudi-aramco-set-up-two-rapid-joint-ventures<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Star 28th March, 2018 KUALA LUMPUR: Petroliam Nasio […]<\/p>\n","protected":false},"author":4,"featured_media":2356,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[25],"tags":[],"_links":{"self":[{"href":"https:\/\/www.benalec.com.my\/zh-hans\/wp-json\/wp\/v2\/posts\/2507"}],"collection":[{"href":"https:\/\/www.benalec.com.my\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benalec.com.my\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benalec.com.my\/zh-hans\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benalec.com.my\/zh-hans\/wp-json\/wp\/v2\/comments?post=2507"}],"version-history":[{"count":1,"href":"https:\/\/www.benalec.com.my\/zh-hans\/wp-json\/wp\/v2\/posts\/2507\/revisions"}],"predecessor-version":[{"id":2508,"href":"https:\/\/www.benalec.com.my\/zh-hans\/wp-json\/wp\/v2\/posts\/2507\/revisions\/2508"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.benalec.com.my\/zh-hans\/wp-json\/wp\/v2\/media\/2356"}],"wp:attachment":[{"href":"https:\/\/www.benalec.com.my\/zh-hans\/wp-json\/wp\/v2\/media?parent=2507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benalec.com.my\/zh-hans\/wp-json\/wp\/v2\/categories?post=2507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benalec.com.my\/zh-hans\/wp-json\/wp\/v2\/tags?post=2507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}