The negotiations on Saudi Aramco’s $7bn investment in PETRONAS’ Refinery and Petrochemical Integrated Development (RAPID) project at Pengerang in southern Malaysia have been concluded, state news agency Bernama said late on Tuesday.
Minister in the prime minister’s department Abdul Rahman Dahlan was quoted as saying in a Bernama report that the investment is expected “to be in by the end of this month”, but did not elaborate further.
Saudi Aramco had earlier in February 2017 signed a deal with PETRONAS for a 50% stake in the Rapid project.
RAPID, which comprises a refinery, cracker and downstream petrochemical complex, is part of PETRONAS’ Pengerang Integrated Complex (PIC) in Johor.
PETRONAS had earlier said that it expects to start to start operations at PIC’s refining and steam cracking complex in 2019 and at all derivatives units in 2020.
By Nurluqman Suratman
Source: ICIS News
Corteva (Indianapolis, Indiana) says it has signed a definitive agreement to acquire Stoller Group (Houston, Texas), a producer of biostimulants and plant nutrition products, for $1.2 billion. Stoller is one of the largest independent biologicals companies globally, with operations in more than 60 countries and more than $400 million in annual sales.
OMV has announced its new corporate structure today, designed to fully enable the delivery of Strategy 2030. The new organization will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: Chemicals & Materials, Fuels & Feedstock, and Energy.
The European petchem sector is readying for some tough quarters. It’s a different picture in the US. So is this the best time ever to find a new role in the chemical industry? If you are in Europe, you would expect me to say probably not. But actually, it depends. So let me give you four answers to this question.