• Upstream
  • Pipelines & Transport
  • Downstream
Oil&Gas Advancement
  • Home
  • News

    North Sea oil, gas industry to reach significant milestones due to investment increases, exploration, production success

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Anticipated $4.21 Billion Growth In AI Adoption In Oil & Gas

    Azerbaijan: Inauguration of the Absheron gas field

    Azerbaijan: Inauguration of the Absheron gas field

    Equinor capitalizes shares

    Equinor awards COSL Offshore Management two drilling contracts worth $369 million

    Petronas hires Maersk semi-submersible for Suriname exploration

    Cheiron makes new oil discovery in mature Egyptian exploration well

    Bahamas Petroleum signs rig contract for exploration well

    Neptune Energy begins drilling at first Egyptian exploration well

    Baker Hughes launches AI software to optimise oil and gas production

    Wintershall Dea, partners safely install additional subsea template for offshore Norwegian oil, gas field

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases

    17th International Conference “LUBRICANT MARKET 2023”

    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

  • Events
  • Contact Us
No Result
View All Result
  • Home
  • News

    North Sea oil, gas industry to reach significant milestones due to investment increases, exploration, production success

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Anticipated $4.21 Billion Growth In AI Adoption In Oil & Gas

    Azerbaijan: Inauguration of the Absheron gas field

    Azerbaijan: Inauguration of the Absheron gas field

    Equinor capitalizes shares

    Equinor awards COSL Offshore Management two drilling contracts worth $369 million

    Petronas hires Maersk semi-submersible for Suriname exploration

    Cheiron makes new oil discovery in mature Egyptian exploration well

    Bahamas Petroleum signs rig contract for exploration well

    Neptune Energy begins drilling at first Egyptian exploration well

    Baker Hughes launches AI software to optimise oil and gas production

    Wintershall Dea, partners safely install additional subsea template for offshore Norwegian oil, gas field

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases

    17th International Conference “LUBRICANT MARKET 2023”

    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

  • Events
  • Contact Us
No Result
View All Result
Oil&Gas Advancement
No Result
View All Result
Home Asia Pacific

Saudi Aramco, Petronas Sign Share Purchase Agreement For Equity Participation In Rapid Downstream Project

Yuvraj_ong by Yuvraj_ong
February 28, 2017
in Asia Pacific, Downstream, Projects
0

The Saudi Arabian Oil Company and Petroliam Nasional Berhad signed a Share Purchase Agreement,allowing Saudi Aramco’s equity participation in PETRONAS’ Refinery & Petrochemical Integrated Development (RAPID) project in the southern Malaysian state of Johor.

 

Witnessed by the Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al Saud and the Honorable Dato’ Sri Najib Tun Abdul Razak, Prime Minister of Malaysia, the agreement was signed by Amin H. Nasser, President and CEO, Saudi Aramco and Datuk Wan Zulkiflee Wan Ariffin, President & Group CEO, PETRONAS.  

 

The signing ceremony was held in conjunction with King Salman’s state visit to Malaysia. Also present at the ceremony was His Excellency Khalid A. Falih, Saudi Arabia’s Minister of Energy, Industry & Mineral Resources and Chairman of the Board of Directors of Saudi Aramco. 

Upon the completion of the transaction, subject to regulatory approvals and the completion of other associated agreements, both partners will hold equal ownership in selected ventures and assets of the RAPID project within the Pengerang Integrated Complex (PIC).

 

The RAPID project is part of the PIC development undertaken by PETRONAS and is positioned to be a regional downstream oil and petrochemical industrial hub, paving a new frontier of technology and economic development in the Southeast Asia region.This partnership marks the beginning of a strategic, mutually beneficial relationship providing RAPID with high-impact strengths and synergies from both Saudi Aramco and PETRONAS. 

 

“On the occasion of the historic state visit to Malaysia by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and in his presence, Saudi Aramco is proud to be entering into a deeper partnership with our world class partner PETRONAS via the RAPID project,” Saudi Aramco’s president and CEO Nasser said. 

 

“Together with Malaysia, the Southeast Asia region offers tremendous growth opportunities and today’s agreement further strengthens Saudi Aramco’s position as the leading supplier of petroleum feedstock to Malaysia and Southeast Asia, and with RAPID’s strategic location in a prolific hub, it would also serve to enhance energy security in the Asia-Pacific region.”

 

Under the partnership, Saudi Aramco will supply up to 70 per cent of the crude feedstock requirements of the refinery, with natural gas, power and other utilities supplied by PETRONAS.PETRONAS’ President & Group CEO Datuk Wan Zulkiflee Wan Ariffin said, “The PIC is one of the largest industrial developments in the region as well as PETRONAS’ largest downstream investment on a single site to date.” 

 

Wan Zulkiflee added, “The signing of this Agreement is truly a historic moment for the industry as it is not often that two professionally run National Oil Companies enter into a partnership in a world-scale Greenfield project. This partnership will also bring together two organizations with strong reputation, wealth of operational experience and proven record in developing mega projects as well as having commercial networks in different markets globally. I also look forward to continue to explore other areas of business collaboration to further deepen our long-term relationship.”

 

With capacity to refine 300,000 barrels of crude per day, RAPID’s refinery will produce a host of refined petroleum products, including gasoline and diesel which meets Euro 5 fuel specifications; as well as feedstock for its integrated petrochemical complex producing 3.5 million tonnes per annum of products.Situated 400 kilometers south of Malaysia’s capital Kuala Lumpur, the PIC development is almost 60 percent complete and is on track for refinery start-up in 2019.

 

Apart from RAPID, which comprises the refinery, cracker and the downstream petrochemical complex, the PIC, located on a 6,242-acre site, also includes the development of associated facilities such as a co-generation plant, an LNG re-gasification terminal, a raw water supply project, a deep water terminal, as well as centralized and shared utility facilities. 

 

The PIC forms part of Malaysia’s ambitious 22,000-acre Pengerang Integrated Petroleum Complex (PIPC) under the Government’s Economic Transformation Programme to establish new engines of growth and push the nation into a new frontier of technology and economic development in the oil and gas downstream sector.

Previous Post

PDVSA strengthens Cuba-Venezuela Agreement to boost oil exports

Next Post

CNPC and CASIC sign agreement to deepen strategic cooperation

Related Posts

Downstream

Anticipated $4.21 Billion Growth In AI Adoption In Oil & Gas

September 6, 2023
Baker Hughes launches AI software to optimise oil and gas production
Downstream

Wintershall Dea, partners safely install additional subsea template for offshore Norwegian oil, gas field

September 2, 2023
Cepsa, the only Spanish energy company to obtain the EFQM 600 Seal for its LPG business
Downstream

TotalEnergies, SOCAR, Azerbaijan leadership meet to inaugurate Absheron natural gas field

September 2, 2023
Touchstone Exploration discovers oil and gas deposit onshore Trinidad
Downstream

bp, Eni award Saipem two offshore contracts totaling $700 million

August 18, 2023
Rovco wins offshore wind contract from Flotation Energy
Downstream

Rovco wins offshore wind contract from Flotation Energy

August 18, 2023
Equinor capitalizes shares
Downstream

FL wins $100 million drilling contract for Hercules semi-submersible rig from Equinor

August 18, 2023
Next Post

CNPC and CASIC sign agreement to deepen strategic cooperation

Latest Post

Equinor capitalizes shares
Drilling

Equinor awards COSL Offshore Management two drilling contracts worth $369 million

September 3, 2023
Petronas hires Maersk semi-submersible for Suriname exploration
Exploration Development

Cheiron makes new oil discovery in mature Egyptian exploration well

September 2, 2023
Bahamas Petroleum signs rig contract for exploration well
Drilling

Neptune Energy begins drilling at first Egyptian exploration well

September 2, 2023
Baker Hughes launches AI software to optimise oil and gas production
Downstream

Wintershall Dea, partners safely install additional subsea template for offshore Norwegian oil, gas field

September 2, 2023
Empire Petroleum buys US oil and gas assets from ExxonMobil
Exploration Development

Texas regulator assesses over $2 million in fines against oil, gas operators

September 2, 2023
Exploration Development

Texas regulator assesses over $2 million in fines against oil, gas operators

September 2, 2023
Oil&Gas Advancement

About Us

Oil and Gas Advancement is an information centric knowledge sharing platform focused on the latest news in the B2B oil and gas sector bringing to our audiences B2B updates on upstream, downstream, pipeline and transport categories providing information on the latest projects and developments.

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack

System

  • Search
  • Site Map
  • RSS Feed
  • Upstream
  • Pipelines & Transport
  • Downstream

© 2018 Copyright Valuemediaservices 2018 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Whitepapers
  • Press Releases
  • Market Reports
  • Events
  • Contact Us

© 2018 Copyright Valuemediaservices 2018 All rights reserved.