Petronas-Aramco JV seeks US$9.7bil for Rapid project

Meeting energy demand: A file picture showing Petronas installing ethylene oxide reactors at its refinery within the PIC last year. Petronas and Aramco have equal stakes in the currently-under-construction RM111bil complex in Johor. — Bernama

PETALING JAYA: Petroliam Nasional Bhd (Petronas) and joint venture (JV) partner Saudi Aramco are seeking commitments from banks for a US$9.7bil (RM40bil), 15-year loan to finance the Refinery and Petrochemical Integrated Development (Rapid) project in Johor.

Citing LPC, a fixed income news service, Reuters reported yesterday that banks have responded to an initial request for proposals and are required to respond by the end of this week with revised proposals, mainly around pricing.