The negotiations on Saudi Aramco’s $7bn investment in PETRONAS’ Refinery and Petrochemical Integrated Development (RAPID) project at Pengerang in southern Malaysia have been concluded, state news agency Bernama said late on Tuesday.
Minister in the prime minister’s department Abdul Rahman Dahlan was quoted as saying in a Bernama report that the investment is expected “to be in by the end of this month”, but did not elaborate further.
Saudi Aramco had earlier in February 2017 signed a deal with PETRONAS for a 50% stake in the Rapid project.
RAPID, which comprises a refinery, cracker and downstream petrochemical complex, is part of PETRONAS’ Pengerang Integrated Complex (PIC) in Johor.
PETRONAS had earlier said that it expects to start to start operations at PIC’s refining and steam cracking complex in 2019 and at all derivatives units in 2020.
By Nurluqman Suratman
Source: ICIS News
During a European Industry Summit held on the site of BASF in Antwerp, leaders from basic industry sectors, representing 7.8 million workers in Europe, joined forces with European trade unions and European leaders to address pressing concerns regarding Europe’s industrial landscape.
The use of blue or low-carbon hydrogen, made from natural gas with carbon capture and storage (CCS), could increase near-term global warming by 50% compared with burning fossil fuels directly for energy if emissions are not properly managed, according to a new study by NGO the US Environmental Defense Fund (EDF) and the University of Arizona.
In a move to improve the supply of renewable hydrogen and thus reduce dependence on natural gas and contribute to achieving the objectives of the European Green Deal and the REPowerEU plan, the EU Commission has approved a third Important project of common European interest (IPCEI) to support hydrogen infrastructure.