Petronas signs JV with Itochu and PTT Global Chemical

Petroliam Nasional Bhd. or Petronas, Malaysia’s state-owned oil and gas company, signed two separate initial agreements to form petrochemical joint ventures with Japan’s Itochu Corp. and Thailand’s PTT Global Chemical PCL. Petronas said it signed one agreement with Itochu and another with both Itochu and PTT Global Chemical to jointly own, develop and operate two separate complexes for the production of high-value-added downstream chemicals in Southern Johor, Malaysia. The proposed Refinery and Petrochemicals Integrated Development (RAPID) project includes a 300,000-barrel-a-day refinery that will supply feedstock for the petrochemical JVs. It is also targeting production of gasoline and diesel fuel that meet Euro 4 and Euro 5 fuel standards. (May 18, 2012)