PETRONAS PREPARES PETROCHEMICAL AND HEAVY ENGINEERING BUSINESSES FOR LISTING
Release Date: 2010-04-08
Petroliam Nasional Berhad (“PETRONAS”) today confirmed that it is preparing two business entities to be listed on the Bursa Malaysia this year.
This follows the announcement made by Malaysia’s Prime Minister YAB Dato’ Sri Najib Tun Razak during his keynote address at Invest Malaysia 2010 on 30th March that PETRONAS had identified two listings for this year.
The two businesses slotted for listing on the Bursa Malaysia are PETRONAS’ petrochemicals business and its heavy engineering arm, Malaysia Marine and Heavy Engineering Sdn Bhd (“MMHE”), which resides in MISC Berhad as a wholly-owned subsidiary.
“Like our other listed subsidiaries, these two new listings will allow the investing public to participate directly in some of PETRONAS’ businesses – in this case, our petrochemical and heavy engineering businesses,” said Dato’ Shamsul Azhar Abbas, PETRONAS’ President/CEO and Acting Chairman. “We hope that these listings will add further depth to the Bursa Malaysia.”
The other PETRONAS companies already listed on the Bursa Malaysia are PETRONAS Dagangan Berhad, PETRONAS Gas Berhad, KLCC Property Holdings Berhad and MISC Berhad.
MMHE, Malaysia’s leading marine and heavy engineering entity, registered revenues of over RM4 billion for the financial year ended 31st March 2009. MMHE’s performance is driven by three core businesses: engineering and construction services, marine conversion and marine repair. MMHE has grown to become an integrated Engineering, Procurement and Construction (EPC) contractor and Liquefied Natural Gas (LNG) tanker repair specialist with in-house capabilities and is committed to the pursuit of growth in strategic areas and enhancement of capability through investments in infrastructure, technology and human capital.
MMHE runs a yard in Pasir Gudang, Johor, which is one of the largest in the region and the only one capable of undertaking Floating Production Storage and Offloading (“FPSO”) and Floating Storage Offloading (“FSO”) conversions and fabrication of high tonnage offshore oil and gas structures in Malaysia.
The petrochemical business of PETRONAS registered revenue of RM13 billion for the year ended 31st March 2009. Its diverse product portfolio ranges from olefins and polyolefins, fertilisers, industrial to specialty chemicals. The business started with a capacity of 600,000 tonnes per year and has since grown to over 10 million tonnes of petrochemical production, with a significant regional market presence.
PETRONAS’ petrochemical business takes pride in its operational excellence, having achieved world-class standards in manufacturing. The commencement of commercial operations of the Mega Methanol Plant in Labuan in May 2009, with a world-scale capacity of 1.7 million tonnes per year, further strengthens its position as the biggest methanol producer in Asia Pacific and fourth globally.
| Type: | NORMAL |