Pengerang Energy Complex to receive US$2.4b funding by year-end, says ChemOne

KUALA LUMPUR, June 20 — ChemOne Group has announced that the Pengerang Energy Complex (PEC) project is on track to receive export guarantee facilities of around US$2.4 billion...

KUALA LUMPUR, June 20 — ChemOne Group has announced that the Pengerang Energy Complex project is on track to receive export guarantee facilities of around US$2.4 billion by the end of the year.

PEC has been designed to optimise energy efficiency, minimise equipment size, and significantly reduce carbon footprint and has been developed in line with International Financial Corporation’s performance standards and Equator Principles 4. The senior debt financing for the project, estimated to be approximately US$2.9 billion, has also been launched into syndication this month and is expected to be concluded within six weeks, he said.

“Honeywell UOP’s market-leading advanced aromatics processing technologies will result in reduced energy consumption, maximised aromatics production, lowered capital and energy costs and wider feedstock flexibility, allowing the PEC plant to become one of the most advanced, energy and carbon-efficient facilities in its class,” said Ling.

Pengerang Energy Complex Sdn Bhd chief executive officer Alwyn Bowden noted the significant progress seen for the project, particularly in the last six months.

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