KUALA LUMPUR: Petronas, Malaysia’s national oil and gas company, and Versalis, Eni’s chemical subsidiary and a global leader in the elastomers industry, 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% interest in the proposed joint venture, while Versalis will own the remaining 40%. The agreement, for an initial period of 30 years, was signed in Kuala Lumpur on Nov 12 by PRPC’s chief executive officer Juniwati Rahmat Hussin and Versalis’ Chief Executive Officer Daniele Ferrari. Also present were Petronas president and group chief executive officer Tan Sri Dato’ Shamsul Azhar Abbas and Petronas chief operating officer and executive vice president for Downstream Business Datuk Wan Zulkiflee Wan Ariffin.
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