Malaysian oil giant shuts down petrochemical plants amid economic slump
4/12/2008 16:17
Malaysia's state-run oil giant Petroleum Nasional Bhd (Petronas) shut down
some of its petrochemical plants in the country due to a global slump, a local
newspaper reported today.
Petronas had shut down indefinitely several
petrochemical plants in Kertih, Terengganu and Gebeng, Pahang as demand for
polymers fell sharply due to a slump in overseas factory orders, The Star
said.
Petronas Chairman and Chief Executive Officer Hassan Merican yesterday
said the materials were used to produce consumer goods and hence would be the
first to get hit in a global slump.
Some of these plants manufactured
polymers, or resins, or processed polyethylene, which was used in manufacturing
plastic packaging, automobile parts and food wrappings, he said.
Hassan also
denied that Malaysia had signed gas deals worth 14 billion USdollars with Iran,
saying Petronas was not involved in any gas deal with Iran, according to the
daily.
Petronas has joint ventures with some British and German companies in
Kertish and Gebeng, the daily said.
BASF, a German chemical company which had
shut down 80 plants worldwide following low demand for its products, operates 12
plants in Malaysia under a joint venture with Petronas, the daily
added.
Xinhua
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