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Oil Prices To Have Minimal Impact on RAPID Project

Despite global crude oil prices continuing its free fall in 2016, the Refinery and Petrochemical Integrated Development (RAPID) project will not be affected much by the oil prices.

RAPID is a part of the Pengerang Integrated Complex (PIC), which is in turn a component of the larger Pengerang Integrated Petroleum Complex that is proposed by the Johor state government. The RAPID project alone is estimated to cost 16 billion USD (RM69 billion).

The Johor Menteri Besar, Datuk Seri Mohamed Khaled Nordin, the RAPID project is progressing according to schedule, with 17% of the venture ready to date.

“RAPID is focused on crude oil refining activities and not processing (oil), so the impact is less” he is quoted.

Furthermore, according to Mohamed Khaled, two key players of RAPID have reiterated their commitment to ensure the project continues, while other investors may slow down their activities.

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