Petronas, Versalis inks RAPID pact

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.

Prior to
this, Petronas inked similar agreements with BASF of Germany, ITOCHU
Corporation of Japan and PTT Global Chemical Public Co Ltd of Thailand
for various high value-added downstream chemicals.

Petronas is
currently pursuing the selection of other potential partners and
licensors for the various facilities to be developed within RAPID. --
Bernama