Petronas, Versalis together starts elastomers business in Malaysia

Petronas, Versalis form elastomers JV in Malaysia

12:11 PM, 14th November 2013
Petronas, Versalis joint venture buisness

KUALA LUMPUR, MALAYSIA: Petronas, Malaysia’s national oil and gas company, and Versalis, subsidiary of Eni, have signed a Shareholders’ Agreement to set up a joint venture company that will manufacture, sell and market elastomers produced within Petronas’ proposed Refinery and Petrochemical Integrated Development (RAPID) complex in Pengerang, Johor, Malaysia.

Petronas Refinery and Petrochemical Corporation (PRPC) Sdn Bhd, a subsidiary of Petronas that is undertaking the RAPID project, will have a 60 per cent interest in the proposed joint venture, while Versalis will own the remaining 40 per cent.

Versalis brings into the partnership proven elastomer operation records and a wealth of commercial experience and expertise that would significantly contribute towards strengthening Petronas and Malaysia’s position as a key downstream petrochemical player in Asia Pacific.

“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 Asia Pacific region, where the growth of elastomers is forecasted to be very attractive in years to come,” said Datuk Wan Zulkiflee Wan Ariffin, Chief Operating Officer and Executive Vice President for Downstream Business, Petronas.

 

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