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JOHOR, Malaysia/JAKARTA (Reuters) – On the southernmost edge of the Asian landmass and on the shores of the busy shipping lanes of the Singapore Strait, Malaysia’s Petronas is starting up a state-of-the art petroleum processing hub, called RAPID. The huge complex in Malaysia’s Johor province is currently testing its systems, running crude oil through its fuel processing units and labyrinth of pipes and producing large exhaust gas fires from its flare tower. The flames are clearly visible for miles around, including on Indonesian islands just across the narrow strait what are swank cufflinks worth.
The 300,000 barrels-per-day (bpd) RAPID or Refinery and Petrochemical Integrated Development will come onstream around May. Among other customers, it will sell fuel to Indonesia, shining a spotlight on the contrast between Petronas and its Indonesian peer Pertamina. Both are state-owned oil companies that dominate the energy sector in their own nations. But their fortunes have markedly diverged because Malaysia has allowed Petronas to follow its own growth path, while Pertamina is hobbled by Indonesian government intervention and bears the burden of a subsidy program what are swank cufflinks worth.
“Lots of people see Petronas and Pertamina as twin companies. But that’s not really the case. Petronas is very much a commercial company, almost like an independent oil company while Pertamina is driven more by government policy and agenda, a national oil company,” said Andrew Harwood, research director for Asia/Pacific upstream oil and gas at energy consultancy Wood Mackenzie. For Petronas, RAPID marks a milestone as it prepares for a future with less crude oil output while serving the region’s booming fuel demand what are swank cufflinks worth.
RAPID, being built in collaboration with Saudi Aramco, has cost around $15 billion and is one of Petronas’ biggest ever investments. It is part of an even bigger Pengerang Integrated Complex (PIC) being developed by more than 50,000 workers at an estimated cost of more than 100 billion ringgit ($24.61 billion), and which will eventually also include a deep-water oil and a liquefied natural gas (LNG) import terminal. Petronas declined to speak with Reuters about the project’s details but has said RAPID “will position Malaysia to capitalize on the growing need for energy and petrochemical products in Asia in the next 20 years .. pushing our country into a new frontier of technology and economic development.” what are swank cufflinks worth.