Petroliam Nasional Bhd (Petronas) has signed two Heads of Agreement (HOAs) with Japanese and Thai companies to undertake projects within the Refinery and Petrochemical Integrated Development (RAPID) in Pengerang, Johor.
The first HOA was signed with ITOCHU Corporation while the second with ITOCHU Corporation and PTT Global Chemical Plc to jointly own, develop, construct and operate two separate complexes for the production of high value-added downstream chemicals.
"Petronas will be the majority equity holder in both of the proposed joint ventures which will be part of the world-scale facilities to be developed within the RM60 billion RAPID Complex," Petronas said in a statement.
ITOCHU Corporation, based in Tokyo and Osaka, is a global trading company with about 130 bases in 66 countries. It is engaged in the trading and marketing of various products including chemical products, and investments in strategic sectors including petrochemical business.
PTT Global Chemical Plc is Thailand's largest integrated petrochemical and refining company, and is the chemical flagship of the PTT Group.
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