Hengyuan to allocate RM700mil capex

  • Business
  • Friday, 25 May 2018

The refining company attributed the better revenue to higher average product prices in the current quarter of US$76 per barrel compared with US$65 per barrel in the comparative period.

KUALA LUMPUR: Regional oil refining company HENGYUAN REFINING COMPANY BHD has allocated RM700mil in capital expenditure (capex) over the next one to two years to finance two cornerstone projects, said chairman Wang You De.

Wang said the projects – namely Euro4M Mogas and Atlas II – were essential for the company to enhance operational reliability, capture commercial opportunities throughout the value chain and also comply with upcoming regulations on gasoline and diesel specifications.

“The high capex commitment marks a significant juncture in the company’s future as we enter our next growth phase by implementing proven and advanced refinery technologies,” he told reporters after the company’s AGM here.

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