KUALA LUMPUR, April 18 — Petronas Chemicals Group Bhd (PCG) is focusing on expanding its specialties portfolio after posting a strong performance in 2022 amid geopolitical conflicts, market volatilities and general industry challenges.

PCG said its landmark acquisition of Sweden-based Perstorp Group resulted in further diversification of the group’s product offerings, specifically for its specialty chemicals portfolio.

“The company launched BRB Group’s new lube oil additives manufacturing facility in the Netherlands to serve as a global lube oil additives and chemicals hub for PCG.

“In addition, two projects achieved the status of Final Investment Decision (FID), namely the development of a melamine plant in Gurun, Kedah, and the expansion of the 2-ethylhexanoic acid (2-EHA) plant in Gebeng, Pahang,” it said in a statement today, in conjunction with PCG’s 25th annual general meeting.

PCG managing director and chief executive officer, Mohd Yusri Mohamed Yusof said the addition of Perstorp Group marks a major milestone, which will see over 130 new product offerings, seven manufacturing sites globally and more than 1,500 new members coming into the PCG family.

“PCG has also established a new specialty chemicals division to manage and steer critical strategic priorities supporting the group’s long-term aspirations within this space,” he said.

PCG also said it has enhanced its commitment towards sustainability in 2022 and surpassed its short-term target to reduce its Scope 1 and Scope 2 GHG emissions by 100,000 tonnes of carbon dioxide equivalent (tCO2e) by 2024.

Through various efforts, such as process optimisation and catalyst upgrades, PCG has achieved a cumulative reduction of more than 108,000 tCO2e so far, it said.

In addition, Perstorp’s strength in sustainable solutions will accelerate PCG’s value creation and the company’s sustainability journey.

Mohd Yusri said this year, PCG will continue to deliver operational and commercial excellence, advance sustainability efforts and explore new growth opportunities.

In 2022, PCG recorded a production volume of 10.4 million tonnes per annum (tpa), and a sales volume of 8.3 million tpa while continuing with its track record on safety.

PCG closed 2022 with record revenue of RM29.0 billion and profit after tax of RM6.3 billion. — Bernama