MALAYSIA: Petronas is gaining new JV partners for planned Rapid project in Johor

The company is currently working towards finalizing a "few” shareholders agreements with existing joint venture partners. Petronas has also signed a Heads of Agreement with Itochu Corp. and PTT Global Chemical aimed at developing the project. This summer, Petronas announced that it was delaying a final investment decision on Rapid until March 2014 and, as a result, the start of production would be pushed back to 2018.

The $19-billion Rapid project is expected to include a 300,000-b/d refinery to supply naphtha and liquefied petroleum gas feedstock for the production of 3-million t/y of ethylene, propylene, C4 and C5 olefins and several downstream facilities.

Source: Weekly "PetroChemical News", Durham, NC, USA; 18 Nov 2013
(Syed Rashid Ali, Karachi, Pakistan)