State-owned Saudi Aramco on Tuesday said it equally owned refinery complex and cracker and petrochemical facilities with Petroliam Nasional Berhad (Petronas) in Malaysia are 96.54 percent and 84.8 percent complete, respectively.
In March, the two companies had concluded the share purchase agreement for equal ownership and participation in the operations of the refinery, cracker and selected petrochemical facilities in the Pengerang Integrated Complex (PIC) in Pengerang, Johor, Malaysia.
Apart from the refinery, cracker and the petrochemical facilities, PIC also includes the development of associated facilities, namely a co-generation plant, an LNG re-gasification terminal, a raw water supply plant, a deep-water terminal, air separation unit, as well as centralised and shared utility facilities.
Separately, the two national oil companies unveiled the new corporate identity for their PRefChem joint venture, which includes Pengerang Refining Company Sdn Bhd (PRefChem Refining) and Pengerang Petrochemical Company Sdn Bhd (PRefChem Petrochemical).
"Malaysia provides a great opportunity for Saudi Aramco’s downstream portfolio expansion in Asia and PRefChem’s strategic location in Pengerang will clearly position the country as a prolific regional energy hub, at the same time serve to enhance energy security in the Asia-Pacific region,” said Amin H Nasser, president and chief executive officer, Saudi Aramco.
PRefChem also achieved a major milestone with the mechanical completion of Package 2 comprising the crude distillation unit, the statement added.
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