$20 billion Petronas RAPID project calls for partners
It will have a 300,000 barrels per day refinery to supply the petrochemical complex, to produce a host of refined petroleum products, including gasoline and diesel that meet the Euro 4 and Euro 5 fuel specifications.
The petrochemical complex will allow Petronas to expand its products portfolio from commodity petrochemical to premium differentiated and specialty chemicals, capitalising on the growing demand for these higher value products in the Asia Pacific region.
Combining multiple chemical products and as many corresponding processes, the RAPID petrochemical complex requires Petronas to seek for skilled and state-of-art licensors to partner with.
Petronas has to date signed three of such arrangements for RAPID and is currently finalising the selection of other potential partners and licensors for the various facilities within RAPID.
Basf and Petronas: $1 billion Heads of Agreement
In March Petronas and Basf have entered into a “Heads of Agreement” (HOA) for the RAPID complex in Pengerang, Johor, Malaysia.
Under the terms of the HOA, the partners have agreed to form a joint venture (Basf 60%; Petronas 40%) to develop, construct and operate production facilities for:
– Highly reactive polyisobutylene
– Non-ionic surfactants
– Methanesulfonic acid
– and plants for precursor materials.
These world-scale facilities will become an integral part of Petronas’s RAPID project.
Itochu and PTT close HOA with Petronas
Petronas signed two Heads of Agreement (HOAs) towards the formation of two separate petrochemical joint ventures within its proposed Refinery and Petrochemical Integrated Development (RAPID) complex.
The second HOA was sealed with Itochu and PTT Global Chemical Public Company Limited (PTT), to jointly own, develop, construct and operate two separate complexes for the production of high value-added downstream chemicals.
Petronas will hold majority equity both proposed joint ventures which will be part of the world-scale facilities to be developed within the $20-billion RAPID complex.
Basf in brief
Basf is the world’s leading chemical company.
Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas.
Basf products and system solutions contribute to conserving resources, ensuring healthy food and nutrition and helping to improve the quality of life.
Basf posted sales of about €73.5 billion in 2011 and had more than 111,000 employees.
Itochu in brief
The history of Itochu dates back to 1858 when the Company’s founder Chubei Itoh commenced linen trading operations.
Headquartered in Tokyo and Osaka, Japan, Itochu is a global trading company with about 130 bases in 66 countries.
With an extensive network of affiliates around the world, it is engaged in the trading and marketing of various products including chemical products, as well as in investments in strategic sectors including petrochemical business.
Its shares are listed on the Tokyo, Osaka, Nagoya, Fukuoka, and Sapporo stock exchanges.
PTT in brief
PTT Global Chemical (PTT) is Thailand’s largest integrated petrochemical and refining company.
It is an affiliate of PTT Public Company Limited, Thailand‘s listed state-owned NOC Fortune Global 500 company.
PTT Global Chemical’s shares are traded on the Bangkok Stock Exchange.
Petronas in brief
Petronas is a NOC Fortune Global 500 company wholly owned by the Malaysia Government.
It is principally involved in all spectrum of integrated oil, gas and petrochemical industries with operations and strategic presence in more than 60 countries worldwide.
For the year ended 31 March 2011, Petronas recorded a group revenue of $76.8 billion.
Technip is peforming the Front End Engineering and Design (FEED) of the Petronas Refinery & Petrochemical Integrated Development (RAPID) complex to be completed between 2015 and 2018.