KUALA LUMPUR, Feb 5 -- ChemOne Group, an oil and gas, petrochemicals and natural resources conglomerate, has announced the launch of the US$3.38 billion Pengerang Energy Complex (PEC) in Johor.
In a statement today, ChemOne said the project, which is expected to begin construction in the second half of this year, will be one of the world’s largest and most competitive integrated Condensate Splitter and Aromatics facilities.
“ChemOne is the master developer and majority shareholder through its sponsorship in PEC. Maire Tecnimont of Italy is ChemOne’s Engineering, Procurement, Construction and Commissioning (EPCC) partner for the project, and UOP is the technology provider for PEC.
“PEC aims to become a world-class petrochemical hub that will add value to the downstream oil and gas value chain in Malaysia. This is in line with the Government’s Transformation Programme to increase Malaysia’s petrochemical output and establish it as a regional oil storage and trading hub,” it said.
ChemOne said at full capacity, expected from 2024, PEC is expected to generate an annual export turnover of US$5 billion for Malaysia.
During its four-year construction phase, PEC will hire over 7,000 employees while once it begins operations, it will employ 250 staff, of whom 80 per cent will be Malaysians, the company said.
“The project will also employ various external contractors, service providers and small and medium enterprises (SMEs),” it added
Overall, it said, PEC is estimated to require US$600 million-US$750 million worth of Malaysian-made content and catalyse additional investments of US$500 million-US$600 million for associated infrastructure, storage and other facilities.
“PEC will have a processing capacity of 150,000 barrels per day (bpd) of condensate plus side feed of naphtha, an aromatics output of 2.3 million metric tonnes per annum (mtpa); energy products output of 3.9 million mtpa and hydrogen of 50,000 mtpa.
“The Condensate Splitter will produce heavy Aromatics Naphtha, a primary feedstock for the Aromatics plant,” it said.
Principal in the chairman’s office for ChemOne Edwin Seow said with the petrochemical market set to pick up further, PEC is poised to deliver profitable growth while creating gainful local employment and moving Malaysia further up the value chain in the petrochemical sector.
“ChemOne is excited to announce this ground-breaking project and intend to deliver a successful project given its track record and the strong support it enjoys from stakeholders who share similar ambitions and expertise,” he said.
KUCHING, Feb 12 -- Petroliam Nasional Bhd (Petronas) is committed to supporting the aspiration of the Sarawak Government in developing the oil and gas industry for the benefit of the people of Sarawak and the nation.
KUALA LUMPUR, Feb 11 -- AmInvestment Bhd has maintained its ‘buy’ call on Serba Dinamik Holdings Bhd (Serba) with an unchanged forecast and dilutes sum-of-parts-based fair value of RM3 per share.
CYBERJAYA, Feb 10 -- Prime Minister Tun Dr Mahathir Mohamad said Malaysia will not build nuclear power plants until there is a safe way to dispose off the radioactive waste generated.
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