Aramco, Petronas pursue multi-billion loan for RAPID project
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Malaysia’s Petronas and Saudi Aramco are seeking to raise $8 billion in debt to help finance for the Refinery and Petrochemical Integrated Development (RAPID) project in Johor, Malaysia.
As part of the agreement signed between Petronas and Saudi Aramco earlier this year, Aramco agreed to buy 50% share in RAPID project in Johor for $7 billion.
Saudi Aramco also agreed to take a 50% share of the Malaysian company’s share in its subsidiary PRPC for $900 million.
Meanwhile, Petronas announced that the new refinery within the RAPID project has been completed by 77% and is on track to start operations in 2019 as planned this week.
As part of the agreement signed between Petronas and Saudi Aramco earlier this year, Aramco agreed to buy 50% share in RAPID project in Johor for $7 billion.
Saudi Aramco also agreed to take a 50% share of the Malaysian company’s share in its subsidiary PRPC for $900 million.
Meanwhile, Petronas announced that the new refinery within the RAPID project has been completed by 77% and is on track to start operations in 2019 as planned this week.
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