Saudi Aramco shelves investment decision for Rapid project

4-1Saudi Aramco allegedly suspends plans for a partnership with Petronas, Reuters cites industry sources. The project with an estimated volume of $ 27 billion was supposed to be built in the southern Malaysian state of Johor. Neither of the both companies responded to Reuter’s request for comment.
The project called Rapid, was launched in 2012 and is expected to begin operations in the first quarter of 2019. Rapid is designed to have a 300,000 bpd oil refinery and a petrochemical complex with a production capacity of 7.7 million tonnes per annum.