Reports: Aramco pulls out of Rapid project with Petronas

摘要

Saudi Aramco has shelved plans to become a joint venture (JV) partner in the $27-billion Refnery and Petrochemical Integrated Development (Rapid) project at Johor, Malaysia, according to several reports citing people familiar with the situ- ation. Construction on the Rapid project is well under way with completion scheduled for the frst quarter of 2019. Aramco was expected to become a JV partner with a 50% stake in the project as part of Aramco’s ambitions to globalize its downstream opera- tions. Petronas and Aramco were expected to form the JV in the frst quarter of 2017. Following feasibility studies, however, Aramco found that the project would not yield sufcient return on investment and decided not to pursue the plans.