- PCG signed a Securities Purchase Agreement in May 2022 to acquire Perstorp.
- Perstorp's Project Air aims to produce sustainable methanol and reduce CO2 emissions by 500,000 tonnes per year.
- The European Union Innovation Fund selected Project Air for funding, part of a EUR1.8 billion green tech initiative.
- PCG plans to expand Perstorp's presence in Asia Pacific and complete growth projects safely and cost-effectively.
Acquisition Completion
PETRONAS Chemicals Group Berhad (PCG) completed its acquisition of Perstorp Holding AB on 11 October 2022. The acquisition was initiated in May 2022 when PCG signed a Securities Purchase Agreement with Financière Forêt S.à.r.l, a company under PAI Partners.
Strategic Fit and Growth
Perstorp, a sustainability-driven global specialty chemicals company based in Sweden, is now a wholly-owned subsidiary of PCG. This acquisition aligns with PCG's strategy to grow in the specialty chemicals industry and leverage Perstorp's expertise and values.
Future Plans
PCG aims to expand Perstorp's global presence, particularly in the Asia Pacific markets, by utilizing its industrial know-how and customer base. The focus will be on preserving and growing Perstorp's value in the coming years.
Project Air and Sustainability
Perstorp's Project Air, which aims to produce sustainable methanol and reduce carbon emissions, is a key initiative. The European Union Innovation Fund has selected Project Air as one of 17 large-scale green tech projects, granting it part of a EUR1.8 billion fund. At full capacity, Project Air is expected to reduce global CO2 emissions by 500,000 tonnes per year, equivalent to one percent of Sweden's current emissions.
Net Zero Carbon Emissions
PCG is committed to advancing its sustainability agenda, with Perstorp's Finite Material Neutral initiatives serving as a catalyst towards achieving Net Zero Carbon Emissions by 2050.
