MOSCOW (MRC) -- Petronas Refinery and Petrochemical Corp. (PRPC), a subsidiary of Petronas that is responsible for the proposed Refinery and Petrochemical Integrated Development (Rapid) project, has signed a shareholders' agreement with Versalis for an elastomers joint venture that will be built as part of the Rapid project in Pengerang, Johor, Malaysia, as per Apic-online.
The joint venture, which is for an initial period of 30 years, will be owned 60% by PRPC and 40% by Versalis. It will manufacture, sell and market elastomer products.
"This joint venture will create a unique opportunity for both parties to take our partnership to a new frontier; for PRPC to progressively advance its position in the areas of elastomers, and for Versalis to set a foothold in the Asia Pacific region, where the growth of elastomers is forecasted to be very attractive in years to come," said Wan Zulkiflee Wan Ariffin, Petronas' chief operating officer and executive vice president for downstream business.
As MRC reported earlier, this summer, Petronas signed an agreement with Eni-controlled Versalis to jointly own, develop, construct and operate elastomer plants within Petronas" proposed refinery and petrochemical integrated development (RAPID) complex in Pengerang, Johor.
Headquartered in Milan, Italy, Versalis manages the production and marketing of a wide portfolio of petrochemical products, using a range of proprietary technologies and production systems and a wide-reaching distribution network.
Petronas, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company wholly owned by the Government of Malaysia. The Group is engaged in a wide spectrum of petroleum activities, including upstream exploration and production of oil and gas to downstream oil refining; marketing and distribution of petroleum products; trading; gas processing and liquefaction; gas transmission pipeline network operations; marketing of liquefied natural gas; petrochemical manufacturing and marketing; shipping; automotive engineering; and property investment.
MRC