Petronas to carry on with RAPID project after Aramco’s withdrawal

According to Reuters, Petronas said they will carry on with RAPID project, from which Saudi Aramco has recently exited, as part of the company’s downstream growth plans in the following years. It also said that more than half of the construction is complete and it is aimed to become operational in 2019, the reports revealed.

The statement from the company came right after Saudi Aramco suspended the plans to finance the project in a joint venture with Malaysia’s state-owned oil company, Petronas, a decision which put doubts about the future of the project.

The RAPID project, which was launched in 2012, includes the construction of a 300,000 barrels/day oil refinery and a 7.7 million tons/year petrochemical complex, worth $12 billion.