Minister in the Prime Minister’s Department Abdul Rahman Dahlan today said Petroliam Nasional Bhd (Petronas) has thus far utilised its own funds to develop the project.

“I would like to inform here that the development of the Pengerang project is already running. It is now nearly 60% physically ready without us having to wait for investments from Saudi Aramco,” he said.

“We expect Saudi Aramco to enter the project (for its investment activity) at the final stages,” he told reporters after officiating at the annual Chartered Financial Analysts Summit at the INTEKMA Resort and Convention Centre here today.

On Feb 28, Petronas, as the sponsor of the Rapid project, signed an agreement with Saudi Aramco for the latter to undertake investments totalling RM31.1 billion towards a 50% equity in the refinery and cracker assets within the Pengerang Integrated Complex.

Rapid is scheduled to start operating in the first quarter of 2019. It will comprise an oil refinery producing 300,000 barrels per day and a petrochemical complex with a production capacity of 7.7 million metric tonnes.