Petronas and Saudi Aramco set up two Rapid joint ventures

Construction of the 300,000 barrels-per-day (bpd) refinery at the Pengerang Integrated complex is nearing completion, Petroliam Nasional Berhad (Petronas) said in a statement issued late on Monday. (File pic Rapid construction in Pengerang)

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) and Saudi Aramco, the national oil company of Saudi Arabia, have announced the formation of two joint-ventures for the Refinery and Petrochemical Integrated Development (Rapid) project, which is part of the Pengerang Integrated Complex (PIC) in Johor, Malaysia.

In its joint statement today, the companies said, the strategic alliance was a historic partnership between two of the largest and most successful national oil companies in the world, bringing together the resources, technologies, experience, expertise and commercial presence. “These joint-ventures allow the parties equal ownership and participation in the operations of the refinery, cracker and selected petrochemical facilities in Rapid.