KUALA LUMPUR: Petronas Chemicals Group Bhd (PetChem) has set a capex of RM2.3bil for 2014, half of which it intends to channel into the Sabah Ammonnia Urea project.
Chairman Datuk Wan Zulkiflee Wan Ariffin said RM1.2bil would be pumped into the ongoing Sabah project, which will act as a catalyst for the state’s oil-and-gas industry development.
"The balance of the capex will be for continued turnaround activities and smaller projects at our other plants," he told reporters after the group's AGM.
The group also announced the retirement of president and CEO Datuk Dr Abdul Hapiz Abdullah who will not extend his contract with PetChem. Managing director and chief executive of the group's Malacca refinery Sazali Hamzah will assume the head position beginning May 1.
Hapiz will remain on the board of PetChem unit, Petronas Chemicals Methanol Sdn Bhd.