• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 29 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 19 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 5 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 19 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 1 day Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 5 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 23 hours "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 4 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 15 hours Storage of gas cylinders
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.

Saudi-Malaysian Refinery To Start Operating By Year-End

The Refinery and Petrochemical Integrated Development (RAPID) refinery in Malaysia, a joint project of Petronas and Saudi Aramco, is due to come online by the end of this year, S&P Global Platts reports, citing Petronas chief executive Tan Sri Wan Zulkiflee Wan Ariffin.

The RAPID facility will have a processing capacity of 300,000 barrels of crude daily, with its petrochemicals production capacity standing at 3.3 million tons annually, the Petronas head said. The project costs US$27 billion and is one of Saudi Arabia’s largest foreign investment projects since the announcement of the Vision 2030 diversification program. Like other refinery investments, it aims to secure long-term demand for Saudi crude amid prospects of a general decline on a global scale in the long run.

"We take the view that there will be demand for petrochemicals. There would be times of volatility but I think the price trend goes up. So we take a very bullish view," Tan Sri Wan Zulkiflee Wan Ariffin said, adding, “Construction is almost complete. We are pre-commissioning parts of the plant and we hope to be able to reach commercial operations by end of this year."

The Petronas head also said the companies had made “the bold decision” to proceed with the refinery at a time of depressed oil prices based on the forecasts of rising petrochemicals demand but also on the fact that the refinery will be close to Southeast Asian markets, and especially to China and India.

Saudi Arabia has already committed hefty investments in India, the biggest among them the US$44-billion refinery and petrochemical complex in Ratnagiri, which will be the largest in the country with a capacity of 60 million tons annually. Aramco is participating in the project together with Emirati Adnoc, sharing a 50-percent stake in the project. 

The company also recently agreed to buy Shell’s stake in a refining company, SASREF, for US$631 million as part of its expansion efforts in the downstream business.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News