07 June 2011 06:43 [Source: ICIS news]
SINGAPORE (ICIS)--Malaysian oil and gas major PETRONAS will finalise the investment plan for its new $20bn (€13.8bn) integrated refinery and petrochemicals complex at Pengerang in southern Johor by the second half of next year or early 2013, a company official said on Tuesday.
The new complex, dubbed RAPID (Refinery and Petrochemicals Integrated Development), is now at the detailed feasibility study stage.
Plans on its physical configuration and the final investment decision are expected in the second half of 2012 or early 2013, said the official from the company’s refinery operations unit at Kertih, Terengganu.
Upon completion, RAPID will consist of a crude oil refinery with a 300,000 bbl/day capacity, a naphtha cracker that will produce about 3m tonnes of ethylene, propylene, C4 and C5 olefins per year, and a petrochemical and polymer complex that will produce differentiated and highly-specialised chemicals.
According to an earlier statement from PETRONAS, the refiner may also build a liquefied natural gas (LNG) receiving and re-gasification terminal within the RAPID complex to support its overall operations.
“The 2012 target is possible but we at still at that stage of assessments and sorting out potential joint ventures [partners],” said the official, who declined to be named.
“A lot will depend on who comes on board,” he added.
A new independent deepwater petroleum terminal that is to be built – also at Pengerang – will potentially attract foreign partners, he said.
The terminal project, a joint venture between Malaysian logistics services provider Dialog, terminal operator Vopak and the Johor state government, is a tankage facility for handling, storing, blending and distribution of crude oils and petroleum products, according to the Dialog website.
The parties involved are now conducting a detailed feasibility study and an environmental impact assessment to determine the viability of the storage facility, which will be the first deepwater terminal in southeast Asia, Dialog’s website said.
Its initial storage capacity will be 1.3m cbm (cubic metres) and the facility is expected to be completed in 2014, reported Reuters.
PETRONAS’s RAPID project, meanwhile, is expected to be commissioned by the end of 2016.
($1 = €0.69)
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