November 15, 2024

PETRONAS’ PIC investments now at RM7.5bil

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JOHOR BARU: Petroliam Nasional Bhd (PETRONAS) has made new investments totalling RM7.5bil at the Pengerang Integrated Complex (PIC) near Kota Tinggi.

Johor Mentri Besar Datuk Onn Hafiz Ghazi said that the investment includes a 40-megawatt solar energy project, a collaboration between Petronas Chemicals Group Bhd and LG Chem, for the production of nitrile butadiene latex, a state-of-the-art chemical recycling plant for plastics and the development of a bio-refinery, which is expected to begin operations by 2028.

He said various development plans have been outlined for the Pengerang Integrated Petroleum Complex, which covers approximately 9,268.9 ha and will be developed in four phases to create a downstream oil and gas chain in Johor, from 2012 to 2037.

“I hope that these developments will bring economic spillovers and attract new investors so that Johor’s aspiration to become a developed state by 2030 can be achieved,” he said in a Facebook post yesterday. — Bernama

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