petrochemicals

 
 

KNM awarded contracts worth RM27.71m

PETALING JAYA: KNM Group Bhd has been awarded two contracts with an estimated value of RM27.71 million via its indirect wholly-owned subsidiaries FBM Hudson Italiana S.p.A (FBM) in Italy and FBM-KNM FZCO (FZCO) United Arab Emirates.

According to the group’s Bursa filing today, its Italian subsidiary FBM has accepted a design and supply contract from Dangote Oil Refining Co Ltd and Dangote Petroleum Refinery & Petrochemicals Free Zone Ent for US$4.55 million (RM18.97 million).

The contract is for the design, fabrication and supply of air cooler heat exchangers in respect of the Petroleum Refinery And Polypropylene Plant in Lekki Free Trade Zone, Nigeria with a 12 months supply and delivery duration from the date of the acceptance of the contract.

Meanwhile, its operations in the UAE, FZCO has received a purchase order from Basrah Gas Co for the supply and delivery of replacement heat exchangers to Khor Al Zubair’s gas processing plant in Iraq’s Basrah province for US$2.096 million (RM8.74 million). The supply and delivery duration is for a period no later than Jan 14, 2020.

Both FBM and FZCO are principally involved in the design, engineering, procurement and manufacturing of process equipment, including without limitation pressure vessels, reactors, columns and towers, drums, heat exchangers, air finned coolers, process gas waste heat boilers and specialised shell and tube heat exchangers, condensers, spheres, process tanks, mounded bullets, process skid packages and turnkey storage facilities as well as technical and project management services in relation to process equipment, plant facilities and general facilities for the oil, gas, petrochemicals, minerals processing and renewable energy industries worldwide.

Dangote is Nigeria’s most diversified business conglomerates, a multi-billion Naira company operating in sectors encompassing agriculture, petroleum refinery & petrochemicals, fertilizer, cement and telecom in Nigeria and across the African continent.

Basrah is a public/private joint venture in Iraq, majority owned by the state-owned South Gas Company together with Shell and Mitsubishi and was setup to manage and operate Basrah Province’s abundant endowment of natural gas.

The contract is expected to contribute positively to KNM’s earning for the financial year ending Dec 31, 2019 and Dec 31, 2020.


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Mida sets ‘realistic’ target for approved investments this year

KUALA LUMPUR: Malaysia aims to maintain approved investments this year at around the RM200 billion level given the challenging economic environment currently, after registering marginal growth to RM201.7 billion last year, says the Malaysian Investment Development Authority (Mida).

“We want to have as much as possible but we need to be realistic on the current economic scenario and challenges. We target the approved investments (in 2019) to be around RM200 billion (level),” Mida CEO Datuk Azman Mahmud said at a press conference in conjunction with the Miti Annual Media Conference 2019 today.

To date, Mida has 399 manufacturing and services projects with investments totalling RM23.7 billion in the pipeline.

Earlier, International Trade and Industry Minister Datuk Darell Leiking disclosed that Malaysia attracted a total of RM201.7 billion worth of investments in the manufacturing, services and primary sectors in 2018, up 0.55% from RM200.6 billion approved in 2017.

In the first half of 2018, investments approved were valued at RM86.1 billion, while a total of RM115.6 billion investments were approved in the second half of the year.

The manufacturing sector registered an increase of 37.2% in approved investments totalling RM87.4 billion in 2018, compared with RM63.7 billion in the previous year.

Leiking said petroleum products, including petrochemicals, with approved investments of RM32.9 billion contributed the lion’s share to the overall performance in the manufacturing sector.

“A notable project in this industry is Sarawak Petchem which is part of the Sarawak state government initiative to develop Bintulu as a petrochemical hub,” he added.

This is in addition to investments by Pengerang Energy Complex and Petronas Chemicals Isononanol that will be located in Johor.

Other industries with high levels of approved investments include basic metal products, electrical and electronic products, chemicals and chemical products, as well as machinery and equipment.

Foreign direct investments in 2018 increased 47.8% to RM80.5 billion from RM54.4 billion in 2017, and accounted for almost 40% of the approved investments.

Meanwhile, domestic direct investments assumed 60.1% of the share at RM121.2 billion.

This year, Leiking said, the Malaysian economy is likely to remain on a steady path as the country’s macroeconomic fundamentals remain strong despite domestic and external challenges.

“Miti and Mida trust that with the existing policies in place, Malaysia will continue to spark confidence in investors and business owners, and attract more quality investments this year.

“We look forward to the realisation of these projects and many more towards a dynamic economy for Malaysia,” he added.


Malaysia attracts RM201.7b investments in 2018, FDIs surge 48%

KUALA LUMPUR: Malaysia attracted a total of RM201.7 billion worth of investments in the manufacturing, services and primary sectors in 2018, up 0.55% from RM200.6 billion approved in 2017.

In the first half of 2018, investments approved were valued at RM86.1 billion, while a total of RM115.6 billion investments were approved in the second half of the year.

The petroleum products including petrochemicals industry with approved investments of RM32.9 billion contributed the lion share to the overall performance in the manufacturing sector.

“A notable project in this industry is Sarawak Petchem which is part of the Sarawak state government initiative to develop Bintulu as a petrochemical hub,” International Trade and Industry Minister Datuk Darell Leiking said at the ministry’s annual media conference 2019 here today.

This is in addition to investments by Pengerang Energy Complex and Petronas Chemicals Isononanol that will be located in Johor.

Other industries with high level of approved investments include basic metal products, electrical and electronic products, chemicals and chemical products, as well as machinery and equipment.

Foreign direct investments (FDIs) in 2018 increased 47.8% to RM80.5 billion from RM54.4 billion in 2017, and accounted for almost 40% of the approved investments.

Meanwhile, domestic direct investments (DDI) assuming 60.1% of the share at RM121.2 billion.

This year, Darell said Malaysian economy is likely to remain on a steady path this year as the country’s macroeconomic fundamentals remain strong despite domestic and external challenges.

“Miti and Mida trust that with the existing policies in place, Malaysia will continue to spark confidence in investors and business owners, and attract more quality investments this year.

“We look forward to the realisation of these projects and many more towards a dynamic economy for Malaysia,” he added.

As to date, Mida has 399 manufacturing and services projects with investments totaling RM23.7 billion in the pipeline.


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