Petronas' Rapid gets RM89bil investment, one-year delay

PETALING JAYA: Petroliam Nasional Bhd (Petronas) has green-lit its much-awaited final investment decision (FID) for the Pengerang Integrated Complex (PIC) in south Johor with a commitment of US$27bil (RM88.56bil), but the project will start up a year later than expected in 2019.

The FID marks a "significant milestone" for PIC, of which the Refinery and Petrochemical Integrated Development (Rapid) is a key component, Petronas said in a statement yesterday.

Get 30% off with our ads free Premium Plan

Monthly Plan


Annual Plan


Billed as RM103.60/year

1 month

Free Trial

For new subscribers only

Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Business , petronas


Next In Business News

Asian FX edges lower, stocks mixed ahead of key US data
Oil eases as Fed caution, stock build outweighs OPEC+ news
Bumi Armada posts lower net profit of RM332.06mil for FY23
Asian shares lose ground as US inflation data awaits; Kiwi slides
Toyota's global output rises by 7% in January
Farm Fresh posts higher 3Q net profit, jump in revenue
Hong Kong scraps property tightening measures to aid economic recovery
Malaysia's export, import unit value indices slip in January - DoSM
Public Bank's FY23 net profit rises to RM6.65bil
Maybank records jump in FY23 net profit to RM9.35bil

Others Also Read