Quick take: PetChem, Dialog fall after explosion at Pengerang


  • Business
  • Friday, 12 Apr 2019

KUALA LUMPUR: Shares of PETRONAS CHEMICALS GROUP BHD (PetChem) and Dialog Group Bhd fell on Friday after a fire and explosion occurred at the Pengerang Integrated Complex in Johor.


PetChem, of of the top losers on Bursa Malaysia, shed 1.56%, or 14 sen to RM8.82 with 3.13 million shares done.


Dialog fell marginally by 0.63%, or two sen to RM3.17.

 

PChem owns a 50% stake in the Pengerang petrochemical division, which is slated to commence production towards the later parts of 2HFY19.

 

An extensive investigation into the causes could delay the start of petrochemical production, says AmInvestment research.

 

According to a statement by Petronas, the incident took place at 1.25am whereby an emergency and fire response team was deployed and contained the fire within 30 minutes.


"The situation is under control and all relevant authorities have been informed. We will provide additional information in due course as investigation is still being carried out," Petronas said


Reuters reported that oil prices were firm on Friday, supported by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on petroleum exporters Iran and Venezuela.


International Brent crude oil futures were at US$71.01 per barrel at 0042 GMT, up 18 cents, or 0.3%, from their last close.


U.S. West Texas Intermediate (WTI) crude futures were at US$63.78 per barrel, up 20 cents, or 0.3%, from their previous settlement.


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Petronas Chemicals , Dialog

   

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