The chemicals arm of Malaysia's state energy firm Petronas plans to spend approximately US$6 billion over the next 15 to 20 years to expand its speciality chemicals portfolio through acquisitions and partnerships, as per Reuters. In a bid to diversify its portfolio and reduce dependency on crude and gas, Petronas Chemicals has been looking to grow rapidly in speciality chemicals.
In May, Petronas Chemicals acquired Netherlands-based Da Vinci Group BV for 163 mln euros (US$186 mln) in the first acquisition of its speciality chemicals push. An immediate growth area for the company is the Refinery and Petrochemical Integrated Development (RAPID) business, a 50-50 partnership with Saudi Aramco in the southern Malaysian state of Johor. The company is budgeting another US$6-7 bln over 20 years for expansion in Pengerang and existing Malaysian operations in Kerteh and Kedah.