RAPID’s proposed refinery will have a capacity of 300,000 barrels per standard day and will supply feedstock for RAPID’s petrochemical complex.

Supply also includes gasoline and diesel that will meet European specifications.

The project aims to capitalise on the growing need for specialty chemicals and to meet the demand for petroleum and commodity petrochemical products in the Asia Pacific region by 2016.

A detailed feasibility study on the proposed project was undertaken, and was completed in October 2011.

Recently, Petronas has entered into a heads of agreement with BASF to jointly own, develop, construct and operate production facilities for specialty chemicals and plants for precursor materials within the RAPID complex.

A final investment decision for the project is scheduled in the middle of 2013.