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Petronas to proceed with $20b refinery and petrochemical project

Published on Apr 3, 2014 9:16 PM

KUALA LUMPUR (REUTERS) - Malaysia's state oil firm Petroliam Nasional (Petronas) board of directors has given the green light for a US$16 billion (S$20.2 billion) refinery and petrochemical integrated development (Rapid), the company said in a statement on Thursday.

Located within the Pengerang Integrated Complex in the southern state of Johor, Rapid is poised to start refinery operations by early 2019.

Other associated facilities within the complex will also involve up to US$11 billion of investment, the company said.

Rapid, Malaysia's largest liquid-based green-field downstream development, was previously twice delayed due to issues with relocation of residents.

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