Terengganu state-owned firm to acquire 5% stake in Kerteh chemicals plant

KUALA LUMPUR – Petronas Chemicals Group Bhd (PCG) and Germany-based PCC SE today signed an expression of interest letter with Menteri Besar Terengganu (Incorporated) (MBI), for MBI to undertake due diligence on PCG PCC Oxyalkylates Sdn Bhd (PCGPCC). 

Terengganu will undertake the relevant due diligence to make a final investment decision for MBI, a Terengganu state-owned company, to acquire a 5% equity stake in PCGPCC from its current shareholders, a joint statement said today.

Terengganu Menteri Besar Datuk Seri Ahmad Samsuri Mokhtar said this formed another step towards strengthening Terengganu’s economic development. 

“We welcome this opportunity to be a strategic partner in PCGPCC. Besides acting as a catalyst for growth in the state, PCG and PCC SE’s ongoing oxyalkylates investment will generate job opportunities, including high-skilled jobs for the local community,” Samsuri said. 

PCGPCC was established in 2020 as a joint venture between PCG and PCC SE to build an oxyalkylates plant in Kerteh, Terengganu. – Bernama, August 29, 2022