KUALA LUMPUR: Pengerang Energy Complex Sdn Bhd (PEC) has negotiated financing terms for US$3.5bil in project financing from export credit agencies (ECAs) across North America, western and southern Europe, Asia and Islamic financing from Islamic Development Bank entities. In a joint statement yesterday, PEC said the capital secured will be channelled to implement a US$5.3bil latest-generation, low-carbon petrochemical facility.
The five ECAs are the Export-Import Bank of the United States; Euler Hermes AG from Germany, Italian export credit agency, Compañía Española de Seguros de Crédito a la Exportación; Export-Import Bank of Malaysia Bhd and Islamic Development Bank. Their representatives were in Kuala Lumpur to ratify the terms for the financing agreements with PEC representatives.
“The facility will be used to produce 2.6 million tonnes per annum (mmtpa) of aromatic products and 3.0 mmtpa of associated energy products. Construction will start in the middle of 2025 and the project will go on stream in the fourth quarter of 2028,” it said. –– Bernama
