Dateline 2011-05-14:
Petroliam Nasional Bhd (Petronas) will make its investment decision by the last quarter of next year for its proposed integrated downstream oil and gas project that has been earmarked with a capital expenditure of US$20bil (RM60bil).
It announced yesterday that it was undertaking a feasibility study for the development of a refinery and petrochemical integrated development (Rapid) in Pengerang, Johor. The announcement confirmed a breaking story by StarBiz on Wednesday.
Petronas president and chief executive officer Datuk Shamsul Azhar Abbas told a media briefing after the unveiling of the project that the feasibility study would be completed by the end of this year.
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Considering that refining margins are low, an over-capacity of refining volume until 2016, a low spread between crude and refined products as well as the reduction in the volume of light, sweet crude, I personally think that Petronas is taking a huge gamble on this project.
“Buat dulu,Baru study”…
“Do it first, think later, then blame somebody” ..Maybe blame land slide, maybe blame soil iteraction, maybe blame semut dalam tanah ..
sudah lupa, nanti samy vellu blame its act of god…