Saudi Aramco and PETRONAS partner in RAPID downstream project

Saudi Aramco is set to become a partner in PETRONAS’ Refinery & Petrochemical Integrated Development (RAPID) project in the southern Malaysian state of Johor.

Upon the completion of the transaction, both partners will be equal owners in selected ventures and assets of the RAPID project within the Pengerang Integrated Complex (PIC). The project is positioned to be a regional downstream oil and gas industrial hub in the Southeast Asia region.

Saudi Aramco’s president and CEO, Amin H. Nasser said: “On the occasion of the historic state visit to Malaysia by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and in his presence, Saudi Aramco is proud to be entering into a deeper partnership with our world class partner PETRONAS via the RAPID project. Together with Malaysia, the Southeast Asia region offers tremendous growth opportunities and today’s agreement further strengthens Saudi Aramco’s position as the leading supplier of petroleum feedstock to Malaysia and Southeast Asia, and with RAPID’s strategic location in a prolific hub, it would also serve to enhance energy security in the Asia-Pacific region.”

Under the partnership, Saudi Aramco will meet most of the crude feedstock requirements of the refinery, with natural gas, power and other utilities supplied by PETRONAS.

PETRONAS’ President & Group CEO, Datuk Wan Zulkiflee Wan Ariffin said: “The PIC is one of the largest industrial developments in the region as well as PETRONAS’ largest downstream investment on a single site to date. The signing of this Agreement is truly a historic moment for the industry as it is not often that two professionally run National Oil Companies entering into a partnership in a world-scale Greenfield project. This partnership will also bring together two organizations with strong reputations, wealth of operational experience and proven record in developing mega projects as well as having commercial networks in different markets globally. I also look forward to continuing to explore other potential areas of collaboration and partnership which will further deepen our long-term relationship.”

For more information visit www.saudiaramco.com and www.petronas.com

2nd March 2017