Dateline 2017-04-31, Oxford Business Group:
Petronas is pushing ahead with development of a large-scale refinery and petrochemicals plant in the southern state of Johor, with support from Saudi Arabia guaranteed as of last month.
In late January Petronas confirmed it would complete its Refinery and Petrochemical Integrated Development (RAPID) project on schedule, with production to commence in 2019. When fully on-line, the complex will have the capacity to process 300,000 bpd and up to 7.7m tonnes of petrochemicals annually.
Following the announcement, oil giant Saudi Aramco announced at the end of February that it would invest $7bn in the RAPID project out of a total investment of $16bn. This put to rest concerns that the programme would be scaled back or delayed, amid reports in January that the Saudi company had stepped away from forming a partnership with Petronas.