KUALA LUMPUR (Feb 28): The Pengerang Refinery and Petrochemical Integrated Development (RAPID) project opens a new chapter today. The Saudi Arabian Oil Company (Saudi Aramco) is pumping in US$7 billion (RM31 billion) to hold equity stake in selected assets in the massive petrochemical project in Pengerang, southern Johor. Through the joint venture, Saudi Aramco will supply up to 70% of the crude feedstock requirements of the refinery. “Saudi Aramco will support any regional project financing in accordance to the agreement that we have worked out with Petronas,” Amin said. “We believe this will strengthen the equity story of Saudi Aramco.

Source: The Edge Markets February 28, 2017 11:48 UTC