Petronas to Form JV with ENI Subsidiary for Rapid Project

Petronas says it has signed a heads of agreement (HOA) with petrochemical company Versalis (Milan), formerly known as Polimeri Europa and wholly owned and controlled by energy company ENI (Rome), to jointly own, develop, construct, and operate elastomer plants within Petronas’s previously announced $20-billion refinery and petrochemicals integrated development (Rapid) project at Pengerang in Johor in southern Malaysia. The proposed joint venture, under the terms of the deal, will produce and market synthetic rubbers using Versalis’s...

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