PETALING JAYA: Petroliam Nasional Bhd (PETRONAS) and venture partners Enilive S.p.A and Euglena Co Ltd have reached the final investment decision (FID) to develop a biorefinery in Pengerang Integrated Complex (PIC) in Johor.

The venture partners will establish a joint-venture company in Malaysia to construct and operate the biorefinery with PETRONAS Mobility Lestari Sdn Bhd, a subsidiary of PETRONAS, and Enilive as the largest shareholders, a statement from PETRONAS stated yesterday.