Earlier plans by Petronas Chemicals’ parent, Petroliam Nasional Bhd, to develop petrochemical plants at the complex in the southern state of Johor with Evonik Industries AG, BASF SE and Kuokuang Petrochemical Technology Co never materialized. Shares of Petronas Chemicals have risen 4.9% this year, matching the gain in the benchmark stock index. Subsequent investments beyond the current RAPID project would enjoy freight savings and that’s one reason Rapid could appeal to and attract potential investors, he said. The company is targeting a utilization rate of as high as 90% for its plants this year, he said. Pre-tax profits last year would have been about 20% lower, if it hadn’t pushed rates to a record 96%, according to Sazali.

Source: The Edge Markets March 14, 2017 06:11 UTC