PetChem expects crude oil to average US$50 per barrel

In a related development, the Employees Provident Fund (EPF) sold 25 million shares of its holdings in Petronas Chemicals on Nov 3.

KUALA LUMPUR: Petronas Chemicals Group Bhd (PetChem), which expects crude oil to average at about US$50 per barrel this year, is targeting an average utilisation rate of 90% for its plants this year.

“The industry’s average utilisation rate is about 85%. So, if we can run at 90%, then we are ahead of the game,” managing director and chief executive officer Datuk Sazali Hamzah said.