Friday, July 1, 2011

Petronas Chemicals up on Sipitang plant plan

KUALA LUMPUR: Petronas Chemicals Group Bhd shares advanced on Friday, July 1 after the company said it would proceed with its US$1.5 billion Sabah ammonia urea project which will have urea capacity of 1.2 million tonnes per annum.

At 9.30am, Petronas Chemicals added six sen to RM7.15 with 458,000 shares traded.

It said on Thursday, June 30 the plant would be built on 166 acres in the Sipitang industrial park in Sabah.

The RM1.5 billion development cost would be financed from internal cash reserves and external borrowings.

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