Petronas Chemicals Group Bhd (PCG) has reported a strong performance in 2022, despite geopolitical conflicts, market volatilities, and industry challenges. The company is now focusing on expanding its specialties portfolio after its acquisition of Sweden-based Perstorp Group.
PCG’s new specialty chemicals division will manage and steer critical strategic priorities supporting the group’s long-term aspirations in this space.
BRB Group’s New Lube Oil Additives Manufacturing Facility
The company launched BRB Group’s new lube oil additives manufacturing facility in the Netherlands to serve as a global lube oil additives and chemicals hub for PCG.
Final Investment Decisions for Two Projects
Two projects have achieved the status of Final Investment Decision (FID): the development of a mela-mine plant in Gurun, Kedah, and the expansion of the 2-ethyl hexanoic acid (2-EHA) plant in Gebeng, Pahang.
Record Production and Sales Volumes
In 2022, PCG recorded a production volume of 10.4 million tonnes per annum (tpa), and a sales vol-ume of 8.3 million tpa while continuing with its track record on safety.
Strong Financial Performance
PCG closed 2022 with record revenue of RM29.0 billion and profit after tax of RM6.3 billion.
Commitment to Sustainability
PCG has enhanced its commitment to sustainability, surpassing its short-term target to reduce its Scope 1 and Scope 2 GHG emissions by 100,000 tonnes of carbon dioxide equivalent (tCO2e) by 2024. The company achieved a cumulative reduction of more than 108,000 tCO2e so far, through various efforts such as process optimization and catalyst upgrades. Perstorp’s strength in sustainable solutions will accelerate PCG’s value creation and the company’s sustainability journey.
CEO’s Comments
PCG managing director and CEO, Mohd Yusri Mohamed Yusof, said the addition of Perstorp Group marks a major milestone, which will see over 130 new product offerings, seven manufacturing sites globally, and more than 1,500 new members coming into the PCG family. He added that PCG will continue to deliver operational and commercial excellence, advance sustainability efforts, and explore new growth opportunities in the future.