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Petronas Chemicals Aims To Raise US$1.5 Billion For Plant By Year-end

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KUALA LUMPUR, July 26 (Bernama)  - Petronas Chemicals Bhd hopes the fund raising exercise for the development of its fertiliser plant in Sipitang, Sabah, can be concluded by year-end.

Its chairman Datuk Wan Zulkiflee Wan Ariffin said the company is looking for internal and external sources of funding for the estimated US$1.5 billion gross development value project.

"We have an active capital management programmers, it make a lot sense for us to go out and get some external funding. Also, we may have some partners to undertake the project," he told reporters after Petronas Chemicals' Annual General Meeting here, today.

For the partnership with other companies, Wan Zulkiflee said Petronas Chemicals is willing to offer an up to 30 per cent stake in the project.

Commenting on the collaboration with BASF SE, he said Petronas Chemicals currently has two collaborative stream works with the chemical company.

"The first is to undertake a feasibility study to expand some of our facilities in Gebeng, Pahang, which includes an investment of RM4 billion, and expected to be completed by year-end.

"The other stream is a rapid project, undertaken by Petroliam Nasional Bhd and expected to be completed by the end of next year, at a total investment cost of about RM60 billion," Wan Zulkiflee said.

On the outlook for the company, he reminded all players in Petronas Chemicals, to be always ready.

"We are in a cyclical industry and have seen a lot of price fluctuations recently due to the tsunami in Japan, the Middle-East Crisis and so forth," he added.


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