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Update PetChem allocates RM2.3 bln capex for 2014, names new CEO

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Update PetChem allocates RM2.3 bln capex for 2014, names new CEO

Post by Cals Fri 25 Apr 2014, 02:09

Update PetChem allocates RM2.3 bln capex for 2014, names new CEO

Business & Markets 2014

Written by Shalini Kumar of theedgemalaysia.com

Thursday, 24 April 2014 14:27

KUALA LUMPUR (Apr 24): Petronas Chemicals Group Bhd (PetChem) has allocated a total of RM2.3 billion as capital expenditure for 2014.

Speaking to the press today after the group's annual general meeting, PetChem Chairman Datuk Wan Zulkiflee said of the total amount, RM1.2 billion would go to PetChem's Sabah Ammonia Urea (SAMUR) project.

The rest would be used for the group's turnaround activities taking place over the course of the year.

Meanwhile, Wan Zulkiflee said PetChem would have a new chief executive officer (CEO), Sazali Hamzah, effective 1 May.

Sazali is currently the managing director and CEO for the group's Melaka refining complex.

Wan Zulkiflee explained that the group's current CEO Datuk Dr Abd Hapiz Abdullah had opted for retirement once his contract ends.

Looking ahead, PetChem aims to increase its plant utilisation rate to the mid-80s for 2014, from its current rate of 78%.

Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
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