(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.
Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.
Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.
Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.