Sector News

Saudi Aramco completes talks with PETRONAS on $7bn investment – state media

March 28, 2018
Chemical Value Chain

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

comments closed

Related News

January 15, 2022

Neste brings liquefied plastic waste trial to successful conclusion for industrial-scale recycling

Chemical Value Chain

Neste is announcing the conclusion of its first series of trials into processing liquefied waste plastic with chemical recycling technology at its Porvoo refinery in Finland. The oil refining company says it has processed about 800 tons of liquefied waste plastic over the last two years – roughly the same amount generated annually by a European city with 500,000 people.

January 15, 2022

SIKA posts record sales for 2021 – growth of 17.1%

Chemical Value Chain

Sika performed well in a challenging environment in 2021. Despite the persistent COVID-19 pandemic and bottlenecks in the procurement of raw materials, sales rose significantly to a record CHF 9.24 billion, corresponding to growth of 17.1% in local currencies.

January 15, 2022

Ineos joins Nextloopp’s polypropylene recycling project for food-grade polymers

Chemical Value Chain

Ineos Olefins and Polymers Europe is joining the pioneering polypropylene (PP) recycling project Nextloopp, supporting its delivery of food-grade recycled content. The chemicals company will orchestrate a pivotal two-year project that will inform the building of a demonstration plant in the UK to produce 10,000 metric tons of recycled polypropylene (rPP) annually.

Send this to a friend