An explosion occurred at a Malaysian oil refinery and petrochemical, developed by national oil firm Petronas. The fire was brought under control earlier today with a report of two injuries from the explosion.
The oil refinery, RAPID, or Refinery and Petrochemical Integrated Development, is Petronas’ biggest domestic investment in a 50-50 joint-venture with Aramco, Saudi Arabia’s state-owned oil company.
Analysts estimate that the oil demand in the region would rise as the production capacity of 300kbd refinery and 1.7 million tonnes of PE, PP per year from RAPID will supposedly decrease for the time being.
KTBST has short-term positive view towards refinery and petrochemical stocks such as TOP (BUY TP: 83.00), SPRC (BUY TP: 13.30), PTTGC (Hold TP: 79.00), IRPC (BUY TP: 6.80), and SCC (Sell TP: 465.00)