Petronas to sell part of its subsidiary PRPC to Aramco
PRPC is expected to be a part Aramco Overseas Holdings Cooperatief, once the sale is completed by March 15, 2018.
Although, PRPC was initiated in Jan 26, 2015, the unit has not started its activities since its incorporation. After the company awarded an engineering, procurement and construction (EPC) contract in late 2016, the new plant was designed to have a production capacity of 400,000 tons/year of HDPE and use Hostalen Advance Cascade Process (HACP) technology of LyondelBasell with a planned start-up date in early third quarter of 2019.
The sale followed an agreement between PETRONAS and Saudi Aramco on February 28, 2017. According to the agreement, Aramco will buy 50% share in Refinery and Petrochemical Integrated Development (RAPID) project in Johor for $7 billion.
RAPID is expected to have a refinery, cracker and downstream chemical complex and will have a production capacity of 7.7 million tons/year. The project, which is a part of Pengerang Integrated Complex (PIC), is slated to increase the country’s total refining capacity from 636,300 b/d to 936,300 b/d, following its expected start up in the first quarter of 2019. The 75% of the project has been completed so far, according to sources.
Aramco is planned to supply 70% of the crude required by RAPID, meanwhile.
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