PETALING JAYA: The final terms of the investment by Saudi Aramco into Malaysia’s biggest oil refinery project is likely to be firmed up only within a year’s time, sources said. But with Aramco now coming into the picture, Petronas is looking at what else Aramco can offer before agreeing to any concessions. The 6,242-acre PIC is Petronas’ largest downstream project and forms part of the larger Pengerang Integrated Petroleum Complex (PIPC). This, in turn, means that the Rapid project has become bankable from day one. Because Aramco and Petronas will hold equal ownership in the Rapid project, funding requirements and project execution risk will be spread between them.

Source: The Star March 13, 2017 23:22 UTC