13 May 2011 03:20 [Source: ICIS news]
SINGAPORE (ICIS)--Malaysian state oil and gas firm PETRONAS is planning to build a $20bn (€14bn) integrated refinery and petrochemicals complex in the country’s southern state of Johor, the company said on Friday.
The country’s prime minister Najib Tun Razak on Friday announced details of a feasibility study for the development of the refinery and petrochemical integrated development project, or Rapid, in southern Johor, according to a company source.
Investment costs for the project have been estimated at around $20bn, the statement said, adding that the complex is expected to be commissioned by the end of 2016.
The new project is aimed at expanding PETRONAS's petrochemicals business and spur growth of ?xml:namespace>
PETRONAS is also considering building a new liquefied natural gas receiving and re-gasification terminal within the new Rapid complex to support its development, it said.
"Looking ahead, Rapid is expected to attract significant investments from international companies within and further down the business value chain," PETRONAS president and CEO Shamsul Azhar Abbas said in the statement.
($1 = €0.70)
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