Hengyuan approves full fund release for US$66.4m H2GEN project


KUALA LUMPUR: HENGYUAN REFINING COMPANY BHD has approved the full fund release for the H2GEN Project worth US$66.4 million, to be executed within its refining complex in Port Dickson, Negeri Sembilan.

In a filing to Bursa Malaysia today, Hengyuan sad the project is undertaken to supply the refinery with 30 tonnes per day of hydrogen for hydro desulphurisation unit number 2 and the extractive desulphurisation hydro-treating process to meet the 10 parts per million by weight (ppmw) sulphur specification.

"The refinery will be short of hydrogen upon Euro5 gasoil specification implementation in September 2020,” it said, adding that the project was expected to start up at the same time to coincide with the Euro5 gasoil legislated date.

Hengyuan said the project will be financed using a mix of cash flow generated from operations and further drawdowns of existing loans. - Bernama

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