PETRONAS is spearheading the development of Project RAPID; the creation of a Refinery And Petrochemical Integrated Development (RAPID).
Still at the detailed feasibility study stage, RAPID is estimated to cost about RM60 billion and will comprise a crude oil refinery with a refining capacity of 300,000 barrels-per-day, a naphtha cracker with a combined annual production capacity of approximately three million tonnes of ethylene, propylene, C4 and C5 olefins and a further development of about 22 mini petrochemical complexes is a major downstream oil, gas and petrochemical project in Pengerang, Johor. RAPID will be the largest green-field investment; not only for PETRONAS in the downstream sector but also within the Asia Pacific region. The recommended development site at Pengerang is also strategically located to access regional demand centres, near international shipping lanes, deepwater port facilities and complement existing refineries and petrochemical hubs within Malaysian eastern corridor and Singapore.
RAPID is set to leverage on opportunities opened up by global mega trends in technological advancements, increasing consumer awareness and affluence. Through this project, PETRONAS is set to further expand and diversify its petrochemical business through volume growth, a more diversified product base and more importantly, a greater focus on premium specialty chemicals industry in the vibrant Asia Pacific market.
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Numbers featured within this section are correct as of announcement date.