Malaysia's Petronas seeks US$7.2b loan for RAPID project: LPC

[KUALA LUMPUR] Malaysia's Petronas is seeking to raise US$7.2 billion for its Refinery and Petrochemical Integrated Development (RAPID) project in one of the largest project financings from Asia in recent years, Thomson Reuters LPC reported on Wednesday.

State-owned Petroliam Nasional Bhd has asked banks for underwriting commitments of at least US$500 million 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 US$16-billion 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 green-field downstream development. It will consist of a 300,000-barrels-per-day refinery and petrochemical complex, with a combined chemical output capacity of 7.7 million metric tons per year.

REUTERS