PetChem’s 3Q23 earnings fall amid low demand

PetChem said its specialities segment saw continued destocking activities in the face of fierce competition, particularly in Europe.

PETALING JAYA: Shrinking sales volumes and margins stemming from weak demand in the global manufacturing sector took a bite out of Petronas Chemicals Group Bhd’s (PetChem) revenue in the third quarter of 2023 (3Q23).

In a statement, the petrochemicals producer said its specialities segment, which contributed 22% to the group’s revenue, saw continued destocking activities in the face of fierce competition, particularly in Europe.