Penggerang (The Star/ANN) - The Petronas Refinery and Petrochemical Integrated Development (RAPID) project here is expected to lure investments totalling 120 billion ringgit (US$39 billion) in the next six years.
Prime Minister Datuk Seri Najib Tun Razak said besides investments from Petronas, a Taiwanese oil and gas company would also be investing in the area next to the Petronas complex.
"This means both complex will be able to process 450,000 barrels of oil per day," he said at the launching of the project by the Johor Sultan on Sunday.
Najib added that the project would turn the area into a major oil and gas hub in the Asia Pacific.
He assured locals not to worry about their livelihood as all the necessary compensation would be paid to them.
He also presented 1.24 million ringgit in aid to repair 124 homes of fishermen in the area.