KUALA LUMPUR (Jan 26): Petroliam Nasional Bhd (Petronas) has clarified that its Pengerang Integrated Complex (PIC) project will continue to be the focus of its downstream growth agenda in the coming years.

Petronas made the clarification in a statement issued today in response to a Wall Street Journal report on Wednesday that Saudi Aramco has called off plans to partner Petronas for an up to RM89 billion (US$20.1 billion) project in Pengerang.

The statement said: "Based on Petronas’ investment criteria, the development of the PIC is expected to deliver positive returns and value as planned.

"With the increase in population coupled with the growth of middle-class income both domestically and regionally, Petronas is optimistic that PIC's product range, integrated development and strategic location has positioned it well to capture opportunities from increasing consumer demand.

"To date the PIC development has reached the 54% progress mark and is currently on track for start-up in 2019. Despite the current slowdown in the world economy and depressed oil prices, the PIC investment remains a priority for Petronas.”