Malaysia: Petrochemical Project Petronas and Saudi Aramco Unveil Corporate Identity of their Joint Ventures
The joint venture project is expected to be an integral part of Saudi Aramco’s refining, fuels marketing and chemicals business strategies which will enable it to strengthen its position in the Southeast Asia region.
Kuala Lumpur/Malaysia – Today, Petroliam Nasional Berhad (Petronas), the national oil company of Malaysia and Saudi Arabian Oil Company (Saudi Aramco) have launched the corporate identity for their joint ventures in the Pengerang Integrated Complex (PIC) located in Pengerang, Johor, Malaysia, namely the Pengerang Refining Company (Prefchem Refining).
Petronas and Saudi Aramco had earlier in March 2018 concluded the Share Purchase Agreement for equal ownership and participation in the operations of the refinery, cracker and selected petrochemical facilities in the PIC.
To mark the occasion, a ceremony was held at PIC which also saw the unveiling of Prefchem’s logo. Present were Tan Sri Wan Zulkiflee Wan Ariffin, President & Group Chief Executive Officer of Petronas; Amin H Nasser, President & Chief Executive Officer of Saudi Aramco; Datuk Md Arif Mahmood, Executive Vice President Downstream of Petronas, as well as Dr Colin Wong Hee Huing, who are respectively the Chairman and Chief Executive Officer of the two companies.
The event also marked an important milestone for the giga joint venture project, which is an integral part of Saudi Aramco’s refining and fuels marketing along with chemicals business strategies. The project will also help in strengthening the company’s growth position in Southeast Asia through crude supply and world-scale downstream operations.
In addition to this, the venture closely aligns with Saudi Aramco’s downstream strategy to invest in a global refining and petrochemicals system of world-scale manufacturing complexes in key regions with participated refining capacity of eight to 10 million barrels per day by 2030.
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.
At the event, Prefchem also celebrated a major milestone with the mechanical completion of Package 2 comprising the Crude Distillation Unit (CDU). The mechanical completion certificate was presented to Sun Lili, President of Sinopec Engineering, by Datuk Md Arif Mahmood, witnessed by Tan Sri Wan Zulkiflee and Nasser.
The refinery complex and cracker is now 96.54 % complete while the petrochemical facilities has achieved 84.8 % completion. 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, and air separation unit, as well as centralised and shared utility facilities.