ITOCHU Enters into a Heads of Agreement with PETRONAS and PTT Global Chemical
May 18, 2012
ITOCHU Corporation (headquartered in Tokyo, Japan, Masahiro Okafuji, President & CEO, hereinafter “ITOCHU”) signed a Heads of Agreement with Malaysian national oil company, PETRONAS(hereinafter “PETRONAS”), towards the development of the new project for several petrochemical downstream projects within its proposed Refinery and Petrochemical Integrated Development (Project RAPID) complex in the state of Johor, Malaysia.
Additionally, ITOCHU Corporation also signed a separate Heads of Agreement with PETRONAS and PTT Global Chemical, an integrated refinery, petrochemical, and aromatic player, towards the development of the new project for a few petrochemical downstream projects within the Project RAPID.
Project RAPID is a refinery and petrochemical integrated development project totaling to an amount of 20 billion US dollars and is expected to come on-stream commercially by the end of 2016.
ITOCHU Corporation, Chemicals Division positions both fundamental earnings structure and new business development as our two important business policies. ITOCHU will commit to seeking increased benefits from global chemical trading transactions and will commit to being aggressively involved in development of large-scale projects in growing markets.
|Name of Company||
|Head office||Kuala Lumpur, Malaysia|
|Representative||Dato Shamsul Azhar Abbas (President & CEO)|
|Sales||RM241.2 billion (fiscal year 2011 actual)|
About PTT Global Chemical
|Name of Company||PTT Global Chemical Public Company Limited|
|Representative||Anon Sirisaengtaksin (CEO)|
|Sales||504.59 billion Baht (fiscal year 2011 Pro-forma)|