Saudi Aramco is acquiring a 50% stake in Petronas Rapid project for US$7b

KUALA LUMPUR: The Saudi Arabian Oil Company (Saudi Aramco) is acquiring a 50% stake in Petroliam Nasional Bhd's (Petronas) Refinery and Petrochemical Integrated Development (Rapid) project for US$7 billion (RM31 billion).

Petronas today signed a share purchase agreement with Saudi Aramco for the partnership, which will see Saudi Aramco supply up to 70% of the crude feedstock requirements of the refinery.

Petronas, meanwhile, will supply natural gas, power and other utilities.

Speaking at a press conference here today, Petronas president and group CEO Datuk Wan Zulkiflee Wan Ariffin said the RM31 billion investment will be pumped in within a year upon the signing of the agreement.

With a capacity to refine 300,000 barrels of crude per day, Rapid's refinery will produce refined petroleum products such as gasoline and diesel, as well as feedstock for the integrated petrochemical complex producing 3.5 million tonnes per annum of products.