Oil product demand has grown over the past decade to reach 788,000 b/d in 2018. We forecast it will continue to grow based on an average GDP growth of 3.4% between 2018 and 2040. Demand will reach 960,000 b/d in 2040. There are six refineries in Malaysia currently, with a total refining capacity of 692,000 b/d (35 Mt). In our view, the 300,000 b/d Refinery and Petrochemicals Integrated Development (RAPID) project in Southern Johor state will achieve commercial operation by Q4 2019. Its utilisation rate will increase to 95% from 2021 onward. RAPID's start-up will partially alleviate the country's gasoline deficit and move jet/kero and diesel from net balance to surplus position. Malaysia's refinery utilisation in 2018 averaged 69%, but we forecast long-term utilisation to increase to about 79% by 2040.