13 May '11, 5am

Petronas to build US$20b energy complex in Malaysia

KUALA LUMPUR: State-owned energy giant Petronas said on Friday it will construct a US$20 billion integrated refinery and petrochemicals complex in southern Malaysia near the border with Singapore. The Refinery and Petrochemicals Integrated Development (RAPID) will be commissioned by the end of 2016 as Malaysia aims to become a world class integrated oil, gas and petrochemical trading hub. Petronas said the new complex, to be built on 2,500 acres (1,012 hectares) of coastal land in Johor state, will expand its petrochemicals business and further spur the growth of Malaysia's oil and gas downstream sector. "Looking ahead, RAPID is expected to attract significant investments from international companies within and further down the business value chain," Petronas president and chief executive officer Shamsul Azhar Abbas said. Shamsul said the project will comprise a crude oil ...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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