KUALA LUMPUR, Dec. 16 (Xinhua) -- Malaysia's Pengerang Energy Complex (PEC) announced Monday it has successfully secured an agreement on financing 3.5 billion U.S. dollars for setting up a low-carbon petrochemical facility in Pengerang, Johor.
The PEC said in a statement that the financing comes from five export credit agencies across North America, Western and Southern Europe, and Asia, namely the Export-Import Bank of the United States, Euler Hermes AG, the Italian Export Credit Agency, the Spanish Export Credit Agency, the Export-Import Bank of Malaysia Berhad, as well as Islamic financing from entities of the Islamic Development Bank.
The capital secured will be channeled toward the implementation of the latest-generation, low-carbon petrochemical facility worth 5.3 billion dollars designed to produce 2.6 million tons per annum of aromatic products and 3 million tons per annum of associated energy products.
Construction will start in mid-2025 and the project will go on stream in the fourth quarter of 2028.
"As the petrochemicals industry is set to grow exponentially, alongside rapid economic development across East Asia and Southeast Asia, the PEC project is poised to form a key driver of demand for quality aromatics in the medium to long term," said Alwyn Bowden, PEC chief executive officer. ■