Petronas purchases companies involved in RAPID project
Under the acquisition, the three companies will become Petronas Chemical’s wholly-owned subsidiaries while Petronas Chemicals will take on the assets and the liabilities of the companies, which are said to be worth around $110 million (MYR470.52 million).
The RAPID complex will house a 300,000 barrels/day refinery and a petrochemical complex which will have a total production capacity of 7.7 million tons/year. The project is expected to be fully commissioned by the middle of 2019. Petronas Chemicals reportedly stated that following the acquisition, they still plan to source feedstock from PRPC’s refinery and cracker located within the planned complex.
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