Sector News

Petronas Chemicals aquires 3 companies involved in RAPID project

November 3, 2015
Chemical Value Chain

(Platts) – Malaysia’s Petronas Chemicals Group said Tuesday that it has acquired three companies involved in the Refinery and Petrochemicals Integrated Development, or RAPID, project at Pengerang, Johor, from Petronas Refinery and Petrochemical Corp.

The three companies are PRPC Glycols, PRPC Polymers and PRPC Elastomers. PRPC is a wholly owned unit of state-owned Petronas.

“With this acquisition, PCG will assume the assets and the liabilities of the project companies amounting to approximately $110 million,” it said.

PCG will pay MR13,000 to PRPC as consideration for the three companies, according to the statement.

RAPID involves a 300,000 b/d refinery and a petrochemical complex with a 3 million mt/year steam cracker.

It is expected to come fully on stream in mid-2019 and the complex will be able to produce 7.7 million mt/year of petrochemical products.

The three companies are undertaking projects worth an overall investment of $3.9 billion for the polymer, glycol and elastomer segments of RAPID, with a combined production capacity of 2.7 million mt/year.

comments closed

Related News

October 2, 2022

Trinseo announces potential closure of Boehlen, Germany Styrene Plant

Chemical Value Chain

Trinseo (NYSE: TSE), a specialty material solutions provider, announced it has initiated an information and consultation process with the Works Council of Trinseo Deutschland GmbH regarding the potential closure of its styrene monomer production site in Boehlen, Germany.

October 2, 2022

Celeste Mastin appointed H.B. Fuller President and CEO, succeeding Jim Owens upon his retirement

Chemical Value Chain

H.B. Fuller Company announced that Celeste Mastin, Executive Vice President and Chief Operating Officer, will succeed Jim Owens as H.B. Fuller’s President and Chief Executive Officer, effective December 4, 2022. Upon assuming the role, Mastin will also join the Company’s Board of Directors, replacing Owens, who will be retiring.

October 2, 2022

LyondellBasell realigns executive team, forms circular and low-carbon solutions business

Chemical Value Chain

New LyondellBasell CEO Peter Vanacker, who joined the company from Neste in May, today named his senior executive team and outlined organizational changes, including creation of a circular and low-carbon solutions business. All changes will be effective 1 October.