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SAUDI ARAMCO-PETRONAS JOINT VENTURE

Saudi Aramco and Petroliam Nasional Berhad (Petronas), the national oil company of Malaysia have unveiled the names of their two joint ventures in the Pengerang Integrated Complex (PIC) located in Pengerang, Johor, Malaysia.  Subject to regulatory approvals, the joint ventures will be operated under the names Pengerang Refining Company SdnBhd (PRefChem Refining) and Pengerang Petrochemical Company SdnBhd (PRefChem Petrochemical), collectively known as “PRefChem”. The joint ventures were formed by virtue of a share purchase agreement signed in
March providing for equal ownership and participation in the operations of a refinery, cracker and petrochemical facilities in the PIC. To mark the announcement of the names of the joint ventures, a ceremony was held at PIC which also saw the unveiling the PRefChem logo. Present were Tan Sri Wan Zulkiflee Wan Ariffin, president and group chief executive officer of Petronas, Amin H Nasser, president and chief executive officer of Saudi Aramco; Datuk Md Arif Mahmood and Dr. Colin Wong HeeHuing, who are respectively the chairman and chief executive officer of the two companies. Speaking at the event, Tan Sri Wan Zulkiflee said: “This integrated partnership marks a visionary move by two professionally-run national oil companies where both are able to leverage on each other’s strengths and share technical capabilities as well as experiences for mutual benefit. I am proud that we are amongst the pioneer of national oil companies partnering with one an-other to ensure better positioning for both organizations in an increasingly competitive market.” Amin Nasser said the joint venture was an integral part of Saudi Aramco’s refining and fu-
els marketing and chemicals business strategies and would help in strengthening the company’s growth position in Southeast Asia through crude supply and world-scale downstream operations. He said it also closely aligned with the company’s downstream strategy to invest in a global refining and petrochemicals system of world-scale manufacturing complexes in key regions with participated refining capacity of 8 to 10 million barrels per day by 2030. “We are committed to help enhance the area’s prosperity and look forward to this new stage of coopera rules to attract foreign and local investment,including a law on public private partnerships, by the end of this year “This is a big change in the economy” he said. “The government is moving from operating

projects to monitoring and regulating them. Operations will be the job of the private sector.” tion with our valued partner Petro- nas” he said. “Malaysia provides a great opportunity for Saudi Aramco’s downstream portfolio expansion in Asia and PRefChem’s strategic location in Pengerang will clearly position the country as a prolific regional energy hub, at the same time serve to

enhance energy security in the Asia-Pacific region.”Commenting on the joint venture’s visual identity, Dr Colin Wong said that the circular movement of the logo represented collaboration, precision and bonding between Petronas and Saudi Aramco, while the blue and green colors portrayed PRe- fChem as a vibrant, dynamic and en- vironmentally friendly company. The

refinery complex and cracker is now 96.54 per cent complete while the petrochemical facilities has achieved 84.8 per cent completion.