Petronas Chemicals Marketing (Labuan) and Scomi Oiltools are collaborating for research and development and marketing of chemical solutions

KUALA LUMPUR: Scomi Oiltools Sdn Bhd, which is a subsidiary of Scomi Energy Services Bhd, inked an agreement with Petronas Chemicals Marketing (Labuan) Ltd. for the research and development of chemical solutions with major focus on oil & gas industry. Another agreement was signed between the two companies for developing and marketing a high performing mud additive, a water-based product to be developed under collaboration at Scomi’s Global Research and Technology Centre in Shah Alam. The water-based mud additive would aid in improving shale inhibition in on-shore and offshore drilling activities.

CEO of Petronas stated that, "We believe that this partnership is advantageous for both PCG and Scomi, as it enables us to come together in creating innovative and sustainable solutions for our customers. The desired outcome of our product innovation is to create products for the marketplace that address the needs of our customers. This approach ensures our relevance in the industry, and our role as a market leader." CEO of Scomi further said, “The company is happy to continue the collaboration with PCML to develop more newly efficient and commercially viable products.”

According to TechSci Research, this collaboration would allow both the companies to develop new products to address the changing requirements in the oil and gas sectors. The move would also enable both the companies to leverage their expertise and broad product range to strengthen their position in the specialty chemicals market. Both the companies intend to jointly increase their focus on R&D activities to develop novel solutions.

According to the published report by TechSci Research, “Global Specialty Chemicals Market By Type (Specialty Mining Chemicals, Water Treatment Chemicals, Adhesives, Electronic Chemicals & Others), By Function (Biocides, Surfactants, Antioxidants, Catalysts & Others), By Region, Competition, Forecast & Opportunities, 2024”, the global specialty chemicals market is projected to grow at a CAGR of around 5% during the forecast period on account of growing use of these chemicals in various end use industries. Specialty chemicals or performance chemicals are generally used as ingredients in the production of consumer and industrial goods. The utilization of specialty chemical is also increasing in the automotive sector due to rapid digitalization and increasing integration of miniaturized electronics in automobiles, thereby further propelling the growth of global specialty chemicals market.