Corporate identity for PIC unveiled

PENGERANG: Petroliam Nasional Bhd (Petronas) and Saudi Aramco today unveiled the corporate identity of their joint venture in the Pengerang Integrated Complex (PIC), namely Pengerang Refining Company Sdn Bhd (PRefChem Refining) and Pengerang Petrochemical Company Sdn Bhd (PRefChem Petrochemical) – collectively known as PRefChem.
Saudi Aramco president and CEO Amin H Nasser said the corporate identity was an important milestone for the mega joint venture project, which formed an integral part of the company’s marketing and business strategy to strengthen its growth in Southeast Asia via crude supply and world-scale downstream operations.
“This venture closely aligns with our downstream strategy, which is to invest in global refining and petrochemicals system of world-scale manufacturing complexes in key regions, with a refining capacity of eight to 10 million barrels per day by 2030,” he said during the launch today.
Present were Petronas president and Group CEO Tan Sri Wan Zulkiflee Wan Ariffin and Petronas Chemicals Group Bhd chairman Datuk Md Arif Mahmood.
“Malaysia provides a great opportunity for Saudi Aramco’s downstream portfolio expansion in Asia, and PRefChem’s strategic location will position the country as a prolific regional energy hub, while simultaneously enhancing energy security in the Asia Pacific region,” said Amin.
In March, Petronas and Saudi Aramco concluded the share purchase agreement for equal ownership and participation in the operations of the refinery, cracker and selected petrochemical facilities in the PIC.
Construction of the PIC was 90% complete as of April 2018 while the refinery and cracker complex and the petrochemical facilities had achieved 96.54% and 84.8% completion, respectively.
Apart from the refinery, cracker and petrochemical facilities, the PIC project also encompassed the development of associated facilities, namely a co-generation plant, liquefied regasification terminal, a raw water supply plant, a deep-water terminal, an air- separation unit, as well as, centralised and shared utility facilities.
Meanwhile, Wan Zulkiflee said global demand for energy and consumer goods was expected to sustain healthy growth rates.
“Asia is poised to lead this upward momentum and continues to position itself as a dynamic and vibrant market.
“The increasing demand for high-value products allow petrochemical companies to tap into the consumers’ ever-growing need to improve their quality of life, and the PIC is built to meet this demand,” Wan Zulkiflee said.
PRefChem formed a significant part of the PIC, able to produce 300,000 barrels of crude oil daily, as well as, a range of refined petroleum products, including low sulphur jet fuel, motor gasoline and diesel which meets Euro 5 fuel specifications.
It would also provide feedstock for the integrated petrochemical complex, with a nameplate capacity of 3.3 million tonnes per annum. – Bernama