PIC is 72 percent complete, says PetChem
|PIC is 72 percent complete, says PetChem |
29 Aug, 2017
The Malaysian Reserve
THE Pengerang Integrated Complex (PIC) development is about 72% complete as at July 2017, said Petronas Chemical Group Bhd (PetChem).
Its MD and CEO Datuk Sazali Hamzah said the first petrochemical production is expected to commence after the completion of the refinery, which is scheduled in 2019.
"Our petrochemicals projects within the PIC are currently progressing as planned," Sazali said in a statement yesterday.
"We are putting in a lot of effort in PIC readiness. By 2020, our petrochemicals projects under PIC will provide a good foundation for us in the future to move towards derivatives and specialty chemicals.
"Beyond 2020, we will be assessing its opportunitie s in downstream derivatives and specialty chemicals at Pengerang, Kertih, Gebeng and East Malaysia — where the completion, teamed up with current plants, can bring about growth and opportunities in the area of chemicals, derivatives and specialty."
The group hosted 106 of its customers from 12 different countries at its petrochemicals project sites in PIC last Saturday, making it the largest number of visitors in a single visit. They were from Malaysia, Indonesia, Vietnam, China, Singapore, Thailand, the Philippines, Korea, Japan, India, Turkey and Italy.
"We are truly honoured to host our customers who have been loyal to us all these years. We want to look at how we can engage in strategic collaborations, while charting our growth journey together now," Sazali said.
According to PetChem, the customers were briefed on its business and products, while the visit also served as a platform in network building.
Sazali reiterated the need to work alongside its customers and be a good influence on each other's talents in the industry.
"It is imperative for us to share with our customers petrochemicals that will be produced here and how we can leverage on each other's strengths to cater to the global demand for plastics, textiles automotive, healthcare, food and agriculture, in tandem with population growth and increasing affluence of developing nations."
PetChem became part of PIC upon the acquisition of PRPC Polymers Sdn Bhd and PRPC Glycols Sdn Bhd in November 2015, where one of the main projects being undertaken is the Refinery and Petrochemical Integrated Development or Rapid.
PetChem is spearheading the petrochemicals component of PIC, consisting of a linear low density polyethylene unit, a polypropylene facility, an ethylene oxide ethylene glycol plant, a flexible high density polyethylene project and an isononanol facility.
PetChem doubled its net earnings for the second-quarter ended June 30, 2017, to RM964 million from RM462 million recorded a year ago, as a result of its increased production and sales volume.
The group also saw its revenue for the quarter under review grow to RM3.96 billion, versus the RM3.2 billion registered the year before.