APIC ’12: PETRONAS to decide on RAPID investment by mid-2013

18 May 2012 06:51  [Source: ICIS news]

KUALA LUMPUR (ICIS)--PETRONAS will aim to make a final investment decision on its planned $20bn (€15.8bn) Refinery & Petrochemical Integrated Development (RAPID) project by mid-2013, with estimated completion in 2016, a senior executive said on Friday.

“We hope to set a final investment decision by mid-2013. And from there it will take 3-4 years or so to commission the facilities, so this could happen by 2016,” said Wan Zulkiflee Wan Ariffin, chief operating officer and executive vice president – downstream business.

Wan Ariffin spoke at the Asia Petrochemical Industry Conference (APIC) in Kuala Lumpur.

PETRONAS officially launched the RAPID project in a ceremony near its proposed site of Pengerang, Johor, Malaysia, on 13 May.

The product slate of the project will be “more diversified and biased towards specialties so that it will be less susceptible to price volatility,” Wan Ariffin said.

PETRONAS is in the process of selecting partners to bring in technology as well as market access beyond the ASEAN region, he noted.

The PETRONAS executive also shed light on some of the motivation behind the RAPID project.

“We are doing this not only as a purely commercial endeavor. This is also a social/economic development that will create job opportunities,” said Wan Ariffin.

“This will support the economic growth of the country, and also create awareness of how the petrochemical industry can help grow the economy,” he added.

PETRONAS expects the RAPID project to create about 4,000 permanent jobs, while construction will require around 40,000 contract-based workers.

($1 = €0.79)

By: Joseph Chang
+1 713 525 2653

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