Massive Johor refinery to pull in S$49b in investments

The mammoth Refinery and Petrochemical Integrated Development (RAPID) in south-eastern Johor will become Malaysia's biggest development project with Prime Minister Najib Razak revealing yesterday that investors are ready to pump in RM120 billion (S$49 billion) into the refinery hub.

"The RAPID project is part of the Economic Transformation Programme, and the government has identified it as a high-impact project with enormous economic spin-offs for the people in the area," Mr Najib said at RAPID's official launch at Pengerang yesterday.

The Prime Minister said RAPID will transform Johor into one of the world's biggest hubs for oil and gas, Bernama reported. Besides Malaysian oil company Petronas, Mr Najib said a Taiwanese oil and gas company and German firm BASF will be pumping money into the area.

RAPID will be able to produce 9 million tonnes of petroleum products and 4.5 million tonnes of petrochemicals annually.

The Sultan of Johor, Sultan Ibrahim, yesterday said that the massive refinery project was a "blessing" for the state, and that residents should be happy that their children will not have to move elsewhere to find jobs. 

SOURCE: http://www.todayonline.com/World/EDC120514-0000030/Massive-Johor-refinery-to-pull-in-S$49b-in-investments
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