PTT Global Chemical (PTTGC), PETRONAS and ITOCHU Corporation, entered into a "Heads of Agreement" (HOA) for the development of a new petrochemical project in Malaysia.

(Petronas Tower-KL, 18 May 2012) The HOA was signed in Kuala Lumpur by Mr. Anon Sirisaengtaksin (2nd from right), Chief Executive Officer of PTTGC, Datuk Wan Zulkiflee Wan Ariffin (3rd from right), Chief Operating Officer and Executive Vice President of Downstream Business of PETRONAS, and Mr.Yuji Fukuda (3rd from left), Managing Executive Officer and President of the Energy and Chemicals Company of ITOCHU Corporation.

The undertaking is within PETRONAS' proposed Refinery & Petrochemical Integrated Development (RAPID) complex in Pengerang, in Malaysia's state of Johor. "Through this new collaboration, we hope to strengthen our ties and business synergies within the Southeast Asia Region and to also meet the demands of a rapidly growing ASEAN region's population and AEC market growth," said Mr. Sirisaengtaksin.

"We hope also to further strengthen our alliance and look forward to a long and sustainable relationship with PETRONAS and ITOCHU far into the future through our collaboration in high value added chemicals to serve the automotive, construction and electronic industries."