Sector News

Malaysia’s Petronas Chemicals budgets $6 billion for deals in specialty portfolio

June 24, 2019
Chemical Value Chain

The chemical manufacturing unit of Malaysian state energy firm Petroliam Nasional Bhd, or Petronas, plans to spend roughly $6 billion over the next 15 to 20 years to expand its specialty chemicals portfolio through acquisitions and partnerships, its chief executive said on Monday.

The budget is part of Petronas Chemicals Group Bhd’s efforts to make the high-margin specialty chemicals unit a central part of the company’s business, Chief Executive Sazali Hamzah said in an interview with Reuters at the Asia Oil & Gas Conference.

“By doing that we are going to diversify our portfolio and our dependency on crude and gas will be a lot less,” Sazali said.

By A. Ananthalakshmi and Florence Tan

Source: Reuters

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