Petronas Chems seeks acquisitions

Petronas Chemicals Group Bhd is seeking acquisitions that will add to its strength in producing olefin and derivatives as well as fertilizer and methanol, Chief Executive Officer Abd. Hapiz Abdullah told reporters in Kuala Lumpur today.

The company is not in “heavy talks” with anyone currently, he said.

Petronas Chemicals will seek external funding for an ammonia and urea plant in the eastern Malaysian state of Sabah, Chairman Wan Zulkiflee Wan Ariffin said today.

The plant is estimated to cost as much as US$1.5 billion, he said. The company is still trying to resolve land issues with the Sabah state government before the project can proceed, he said.

The company and BASF SE are doing a feasibility study on a 4 billion ringgit specialty chemicals plant in Malaysia that will be completed by the end of the year, the Chairman said today. -- Bloomberg