RAPID project in Pengerang almost 60% complete - Rahman Dahlan

The Refinery and Petrochemical Integrated Development (RAPID) in Pengerang is 60 per cent complete, said Minister in the Prime Minister's Department Datuk Seri Abdul Rahman Dahlan.

He said Petroliam Nasional Bhd (Petronas) has thus far used its own funds to develop the project.

"Actually, I wish to say that the project is now 60 per cent ready physically without waiting for the investment of Saudi Aramco. Petronas has from the outset used its own funds to develop Pengerang project," he told a media briefing after officiating the annual Chartered Financial Analysts' Summit here, Saturday.

Abdul Rahman said Saudi Aramco was expected to start pumping its investments there close to the final stages of project completion.

On Feb 28, 2017, Petronas, as the sponsor of the RAPID project, signed an agreement with Saudi Aramco for the latter to undertake investments totalling RM31.1 billion towards a 50 per cent equity in the refinery and cracker assets within the Pengerang Integrated Complex.

Abdul Rahman was reported to have said Saudi Aramco's decision to invest in the RAPID project in Pengerang was a recognition to the efforts made by Petronas and that the project expected to be ready and start operating in 2019.

-- BERNAMA