Malaysia's national oil company, Petroliam Nasional Bhd (Petronas) is reportedly planning to partner Saudi Arabian Oil Company (Aramco) to build a refinery and steam cracker complex integral to the MYR60 billion Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang, south Johor of Malaysia.
The Edge Malaysia Weekly reported, quoting sources, that the preliminary plan shows that the cost of the refinery and steam cracker plant is likely to be in the region of $12 billion. Petronas and Aramco are said to have firmed up an agreement earlier this year to facilitate the massive development.
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