Saudi Aramco to take up stake in Petronas' RAPID project

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KUALA LUMPUR (Feb 28): The Saudi Arabian Oil Company (Saudi Aramco) and Petroliam Nasional Bhd (Petronas) have signed a share purchase agreement allowing the former to have equity participation in Petronas' Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang, southern Johor.

On completion of the transaction, both Petronas and Saudi Aramco will hold equal ownership in selected ventures and assets of the RAPID project within the Pengerang Integrated Complex.

Under the partnership, Saudi Aramco will supply up to 70% of the crude feedstock requirements of the refinery, with natural gas, power and other utilities to be supplied by Petronas.

With the capacity to refine 300,000 barrels of crude oil per day, RAPID's refinery will produce a host of refined petroleum products as well as feedstock for its integrated petrochemical complex, with up to 3.5 million tonnes per annum of products.