London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950
info@mrcplast.com

Our Clients

Order Informer

 
Home > News >
 

Petronas to delay USD19 bln petrochemicals project to 2018

August 01/2013

MOSCOW (MRC) - State oil firm Petronas will start up its USD19 billion petrochemicals complex in Malaysia in 2018, the company told Reuters on Tuesday, signalling a further delay in the country's largest-ever infrastructure project, said Reuters.

A delay to the project in southern Johor state could deal a potential blow to the economy of the Southeast Asian nation as well as local oil and gas services firms hoping for work on the massive complex.

A source familiar with Petronas' business strategy told Reuters the project had been complicated by a need to secure water supplies as well as cater for proposed international partners.

Petronas had already put back the project from late 2016 to early 2017 in June and revised the final investment decision (FID) to the first quarter next year, citing state government problems in relocating villages and graves from the 2,000 hectare-site, five times the size of New York Central Park.

"As a result of the revised FID date, the RAPID refinery is scheduled to be ready for start-up in Q4 2017 and the remaining plants within the complex is scheduled to be commissioned in 2018," Petronas said in a statement to Reuters on Tuesday.

This is at least six months later than market expectations after local media had cited Petronas CEO Shamsul Azhar Abbas in June as saying the start date for phase one of the RAPID project had been pushed back to early 2017.

Petronas, Malaysia's only Fortune 500 company, has signed heads of agreements with Italy's Versalis SpA, Japan's Itochu and Bangkok-listed PTT Global Chemical to build speciality chemical plants.

Germany's Evonik also stepped in to the project after rival BASF - the world's top chemicals group - pulled out after differences in business strategy.

Petronas, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company wholly owned by the Government of Malaysia. The Group is engaged in a wide spectrum of petroleum activities, including upstream exploration and production of oil and gas to downstream oil refining; marketing and distribution of petroleum products; trading; gas processing and liquefaction; gas transmission pipeline network operations; marketing of liquefied natural gas; petrochemical manufacturing and marketing; shipping; automotive engineering; and property investment.


mrcplast.com
Author:Anna Larionova
Tags:neftehimiya, BASF, Itochu, Petronas, PTT Chemical, Indonesia.
Category:General News
|
| More

Leave a comment

MRC help

 


 All News   News subscribe