CHEMONE ANNOUNCES ENGINEERING-DRIVEN IMPROVEMENTS IN PEC

KUALA LUMPUR, Sept 15 (Bernama) -- ChemOne Group has made engineering-driven improvements including an almost 10 per cent rise in conversion percentage from its condensate feedstocks to its higher value aromatics products in the Pengerang Energy Complex (PEC).  

The Singapore-based petrochemicals, green energy, and natural resources conglomerate is the master developer of PEC in Malaysia, a joint statement from ChemOne and Pengerang Energy Complex Sdn Bhd said today.

ChemOne said the improvements will improve production economics and reduce carbon footprint, underpinning PEC’s intent to deliver new benchmarks for the industry. 

The statement also said that technology provider Honeywell UOP has completed its first phase of design-related works for the US$5 billion PEC.

Honeywell UOP’s initial works on the PEC project have enabled it to come up with a new material balance, allowing PEC to use the same quantities of feedstock to produce higher quantities of products. 

Pengerang Energy Complex Sdn Bhd chief executive officer Alwyn Bowden said the increased cash flow from the new material balance will fully absorb the macroeconomic factors impacting the world today and also produce surplus cash flow, the statement said.

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Therefore, he noted that all critical investment and credit ratios for the project will remain intact. 

"These latest developments have been presented to the leading global export credit agencies who are supporting the project and it is now anticipated that they will each go to their respective boards for final approval in the fourth quarter of 2023," Bowden said.

ChemOne said the improved conversion efficiency also reduces PEC project’s overall carbon footprint, supporting the group's strategic vision of developing, operating, or investing in low-carbon developments.   

PEC is expected to sign key agreements with industrial partners participating in the project following its finalisation, including its joint venture with its engineering, procurement, construction, and commissioning partner which is in the last finalisation stage.

During its 45-month construction phase, PEC is expected to hire over 7,000 employees, and is expected to retain over 200 for operations and maintenance once commercial production commences.  

-- BERNAMA