Pengerang set to get investments worth RM120 bln
KOTA TINGGI, May 13 (Bernama) -- The oil and gas industry in Pengerang is set to receive RM120 billion in total investments within the next five to six years, of which half or RM60 billion would be contributed by the Petronas' refinery and petrochemichal integrated development (RAPID) project, with a Taiwanese and German company also making multi-billion dollar investments.
Prime Minister Datuk Seri Najib Tun Razak said that the Taiwanese petrochemical company would be investing US$10-US$12 billion in the area, catering to RAPID's needs.
Petronas had earlier signed a Heads of Agreement with German diversified chemical group BASF to jointly develop, construct and operate production facilities for specialty chemicals and plants for precursor materials within the Rapid complex.
Also present were Tunku Mahkota Tunku Ismail Sultan Ibrahim, his four sons, Mentri Besar Datuk Abdul Ghani Othman and Petronas president and chief executive Datuk Shamsul Azhar Abbas.
Najib said the mammoth RAPID project, which is bigger than the existing facilities in Kerteh, Gebeng and Melaka, can produce nine million tonnes of petroleum products and 4.5 million tonnes of petrochemicals a year, and will have its own regasification plant to serve Liquified Natural Gas (LNG) tankers.
The Taiwanese investments will include a refinery with a capacity of 150,000 barrels per day and a naptha cracker with a capacity of 800,000 tonnes a year, he added.
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