Malaysia's Petronas Chemicals Group plans to build a fertilizer plant at Sipitang Industrial Park, Sabah, costing about $1.5 billion, its parent, state-owned Petronas said late Thursday.
Construction of the 1.2 million mt/year urea plant is expected to begin in the second quarter of 2012, with commissioning planned for 2015.
The urea plant will be operated by Styrene Monomer (Malaysia) Sdn. Bhd., which was taken over by PCG from Petronas on Thursday too. SMSB was bought to be the company that will develop the world-scale fertilizer plant.
SMSB will be renamed Petronas Chemicals Fertiliser Sabah, pending approval from the Companies Commission of Malaysia.
