State oil company 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.
The joint venture will produce and market synthetic rubbers using Versalis’ technology licence and technical know-how.
The elastomer plants will be part of the world-scale facilities to be developed within the RM60 billion Rapid complex.
Versalis will bring into the partnership elastomer operation records and wealth of experience and expertise that would contribute towards strengthening Petronas and Malaysia’s position as a key downstream petrochemical player in the region.
Headquartered in Milan, Versalis (formerly known as Polimeri Europa) is a petrochemical company wholly-owned and controlled by Eni SpA, an Italian multinational oil and gas company.
It manages the production and marketing of a wide portfolio of petrochemical products, using a range of proprietary technologies and state-of-the-art production systems and a wide-reaching and efficient distribution network.
The agreement with Versalis is the fourth of such arrangement secured by Petronas for Rapid and the engineering activities will commence immediately.
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