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

comments closed

Related News

June 24, 2022

BASF to build commercial scale battery recycling black mass plant in Schwarzheide, Germany

Chemical Value Chain

BASF will build a commercial scale battery recycling black mass plant in Schwarzheide, Germany. This investment strengthens BASF’s cathode active materials (CAM) production and recycling hub in Schwarzheide. The site is an ideal location for the build-up of battery recycling activities given the presence of many EV car manufacturers and cell producers in Central Europe.

June 24, 2022

Clariant restructures business units, reorganizes leadership

Chemical Value Chain

Clariant says it is reducing its number of businesses from five to three, by merging units, under a reorganization that is in line with the company’s purpose-led strategy and cultural transformation. The moves will position Clariant for long-term sustainable growth, the company says.

June 24, 2022

Chemicals & Plastics Procurement: what to expect in the second half of 2022

Chemical Value Chain

Chemicals & plastics industry has the most diversified end-use market across all manufacturing industries. The industry returned to growth in 2021 but a supply chain crunch prevented it from becoming stronger. The market is likely to stabilize in the second half of 2022 with a supply-demand balance.