Johor Petroleum Development Corp Bhd (JPDC) chief executive Mohd Yazid Ja’afar said it is currently talking to several strategic investors planning to invest in the project.
“Talks have been ongoing between us and investors from all over the world, but we can’t reveal more details to the media as requested by the investors,” he said.
Mohd Yazid told reporters this after hosting an afternoon tea with Petroliam Nasional Bhd (Petronas)-appointed main contractors who have been awarded contracts for the Pengerang Integrated Complex (PIC). The event was attended by Johor Mentri Besar Datuk Mohamed Khaled Nordin and state Public Works, Rural and Regional Development executive councillor Datuk Hasni Mohammad.
PIC is being developed by Petronas with a committed investment of RM89bil, and its component is made up of the Refinery and Petrochemical Integrated Development (Rapid). “The investment for Rapid is about RM53bil, while RM36.3bil has been allocated for the associated and support facilities within Rapid,” added Mohd Yazid.
He said PDPT and PIC have attracted investors from the downstream activities in the O&G sector either to invest in the complementary or support industries.
Meanwhile, Rapid senior deputy project director (refinery and cracker) Wan Yusoff Wan Hamat said that Petronas was confident that PIC would be operational by 2019.
“The world is watching us (Rapid), and the success story of the project will attract more investors to invest in PIPC,” he said.
PIPC, located on a 8,093-ha site in the southeast of Pengerang in the Kota Tinggi district, is the largest petrochemical complex in Malaysia to-date. The project will house oil refineries, a naphtha cracker, petrochemical plants, as well as a liquefied natural gas import terminal an and regasification plant.