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.

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About PETRONAS

Name of Company

PETRONAS
URL www.petronas.com [Open in a new window]
Head office Kuala Lumpur, Malaysia
Representative Dato Shamsul Azhar Abbas (President & CEO)
Established 1974
Sales RM241.2 billion (fiscal year 2011 actual)

About PTT Global Chemical

Name of Company PTT Global Chemical Public Company Limited
URL www.pttgcgroup.com[Open in a new window]
Head office

Bangkok, Thailand
Representative Anon Sirisaengtaksin (CEO)
Established 2011
Sales 504.59 billion Baht (fiscal year 2011 Pro-forma)