Prime Minister of Malaysia has announced a new Refinery-Petrochemical Complex known as RAPID Project to be developed by the country's national oil company, PETRONAS in the southern part of Johor.
The complex which estimated to cost US$ 20 Billion will be decided by 2012. Currently it is under Detailed Feasibility Study and PETRONAS is finalizing the partners for the project.
It is estimated to spur domestic growth and attract foreign investment into the country. PETRONAS officials mentioned that the project will focus on high value addition products to move away from commodities.
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