Japan's Itochu signs agreement with Petronas for RAPID project

18 May 2012 17:00  [Source: ICIS news]

TOKYO (ICIS)--Japanese trading firm Itochu Corp has signed a Heads of Agreement with Malaysian national oil company Petronas to jointly develop several petrochemical downstream projects within Petronas’ Refinery and Petrochemical Integrated Development (Project RAPID) complex in Johor, Malaysia, the firm said in a statement on Friday.

Project RAPID is a refinery and petrochemical integrated development project totaling $20bn, which is expected to come on stream by the end of 2016.

Itochu has also signed a separate Heads of Agreement with Petronas and Thailand’s PTT Global Chemical towards the development of a few petrochemical downstream projects, also within the Project RAPID, the company said.

“We will start considerations for the commercialisation of the projects based on the two agreements,” Itochu said in Japanese.

The company did not provide any further details.

By: Tomomi Yokomura
+65 6780 4359

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