News Post
Malaysia seeking $7.5 B for RAPID project
KUALA LUMPUR, June 15 (Reuters) - Malaysia's state-owned oil and gas company, Petronas, is seeking to raise $7.2 B for its Refinery and Petrochemical Integrated Development (RAPID) project in one of the largest project financing deals from Asia in recent years, Thomson Reuters LPC reported on Wednesday.
Petronas has asked banks for underwriting commitments of at least $500 MM by next week, LPC reported, citing sources.
A banking source confirmed to Reuters that Petronas has issued a request for proposals for the loan to be used to finance the $16-B RAPID project.
Petronas did not immediately reply to requests for comment.
The project in the southern state of Johor is set to be Malaysia's largest liquid-based greenfield downstream development. It will consist of a 300 Mbpd refinery and petrochemical complex, with a combined chemical output capacity of 7.7 MMtpy.
(Reporting by A. Ananthalakshmi and Praveen Menon; Editing by Clarence Fernandez)
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