July 22, 2012

PETRONAS signed an agreement with Versalis SpA for RAPID Projejct

Petronas has signed a heads of agreement (HOA) with Italy-based Versalis SpA to jointly own, develop, construct and operate elastomer plants within Petronas' proposed Refinery and Petrochemical Integrated Development (RAPID) complex in Pengerang, Johor.

Under the terms of the HOA, the proposed joint venture will produce and market synthetic rubber using Versalis' technology licence and technical knowhow, Petronas said in a statement.

The elastomer plants will be part of the world-scale facilities to be developed within the RM60 billion RAPID complex, it said, adding the HOA, signed on July 17, is the fourth such arrangement secured by Petronas for RAPID, and the engineering activities will commence immediately.

It said Versalis will bring into the partnership excellent proven elastomer operation records and wealth of experience and expertise that would significantly contribute towards strengthening Petronas and Malaysia as a key downstream petrochemcial player in the region.

Source: Bernama News (19/07/2012)

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