Malaysian petrochemicals giant Petronas Chemical Group (PCG) has agreed to acquire Perstorp from its private equity owner, Financière Forêt. The €1.54 billion cash acquisition gives Perstorp an enterprise value of €2.3 billion. It should close in 2H 2022, subject to regulatory and shareholder approvals.

Petronas Chemicals (PCG) has acquired PCC’s 50% stake in its Malaysian unit, PCC Oxyalkylates Malaysia. CEO Datuk Sazali Hamzah called this “another milestone for PCG in our quest to develop the group’s specialty chemicals business segment”.

PCG and German-based surfactants producer PCC are already planning an oxyalkylates facility at the Kerteh integrated petrochemical complex in Terengganu (pictured above), plus a joint R&D centre. This is due to begin construction in 2021 and enter production in 2023.