Petronas is to build a new oil refinery and petrochemicals complex known as the Refinery and Petrochemicals Integrated Development (RAPID) in Southern Johor, Malaysia, with an estimated investment of $20bn.
RAPID will house a crude oil refinery with a 300,000 barrels per day capacity, and a naphtha cracker that will produce three million tonnes of ethylene, propylene, C4 and C5 olefins per year.
The development will also contain a petrochemicals and polymer complex, which will produce differentiated and highly specialised chemicals.
Petronas also plans to build a new liquefied natural gas receiving and re-gasification terminal in the area to support the complex's energy needs.
The project is expected to be commissioned by the end of 2016.