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ITOCHU Signs Agreements with PETRONAS and PTT Global Chemical
 

Tokyo, May 19, 2012 (JCN) - ITOCHU has signed an agreement with Malaysian national oil company PETRONAS for the development of a new project for several petrochemical downstream projects within the proposed Refinery and Petrochemical Integrated Development (Project RAPID) complex in the state of Johor, Malaysia.

ITOCHU also signed a separate agreement with PETRONAS and PTT Global Chemical, an integrated refinery, petrochemical, and aromatic player, towards the development of a new project for a few petrochemical downstream projects within the Project RAPID.

Project RAPID is a refinery and petrochemical integrated development project totaling 20 billion US dollars and is expected to come on-stream commercially by the end of 2016.

By Saroj Shrestha Staff Writer

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