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Petronas Chemicals to go ahead with US$1.5b Sabah urea project
by hlk Fri 01 Jul 2011, 07:48
KUALA LUMPUR: Petronas Chemicals Bhd will go ahead with its US$1.5 billion Sabah ammonia urea project which will have urea capacity of 1.2 million tonnes per annum.
It said on Thursday, June 30 the plant would be built on 166 acres in the Sipitang industrial park in Sabah. The RM1.5 billion development cost would be financed from internal cash reserves and external borrowings.
Petronas Chemicals said a special purpose vehicle would undertake the project and work is expected to start in the second quarter of 2012 and commissioning in 2015.
It said the new plant supported its strategy to expand its production capacity and would provide it opportunities to further capitalise on its strengths and marketing position in Asia Pacific.
It said on Thursday, June 30 the plant would be built on 166 acres in the Sipitang industrial park in Sabah. The RM1.5 billion development cost would be financed from internal cash reserves and external borrowings.
Petronas Chemicals said a special purpose vehicle would undertake the project and work is expected to start in the second quarter of 2012 and commissioning in 2015.
It said the new plant supported its strategy to expand its production capacity and would provide it opportunities to further capitalise on its strengths and marketing position in Asia Pacific.
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