03 January 2012

 

Petronas in talks with oil majors for tie-up

Petronas is in talks with several global oil majors including Shell and ExxonMobil to develop petrochemical plants within its US$20 billion refinery complex in southern Malaysia, two sources with direct knowledge of the matter said. Malaysia's national oil company is also talking to Japanese firms Itochu Corp and Mitsubishi Corp as well as to Dow Chemical Co - the largest US chemical maker - as it seeks to tap surging Asian demand and diversify its earnings, the sources told Reuters.