KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) and Saudi Arabian Oil Company (Saudi Aramco) have launched a corporate identity of their joint ventures (JVs) at Pengerang Integrated Complex (PIC) in Johor.
Petronas group president and chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said the JVs are Pengerang Refining Company Sdn Bhd (PrefChem Refining) and Pengerang Petrochemical Company Sdn Bhd (PrefChem Petrochemical).
Petronas and Saudi Aramco finalised their share purchase agreement (SPA) in March involving investments of US$7 billion (RM27.4 billion) for the equal stakes in selected oil refining operations, petrol and petrochemical operations at PIC.
"This JV is developed based on shared vision and value which outlines the priorities of both companies in contributing to their people and countries," Wan Zulkiflee said at the launch of the JVs’ new logo in Pengerang today.
Wan Zulkiflee said up to now, PIC is already 90 per cent completed and on track to begin operations in the first quarter of 2019.
PIC houses the Integrated Development and Petrochemical (RAPID) Integrated Development Complex which comprises integrated crude oil complexes, naphtha and petrochemicals.
"Up to now, the oil refining complexes are now 96.54 per cent completed while petrochemical facilities have reached 84.8 per cent in completion," he said.
Meanwhile, Saudi Aramco president and chief executive officer Amin H Nasser said the JV would strengthen the group’s position and growth in Southeast Asia through the supply of crude oil and downstream operations.
"Malaysia offers the best opportunities for Saudi Aramco's downstream portfolio expansion in Asia and the strategic location of PrefChem in Pengerang will enable the country to be a prolific regional energy hub," he said.