The group 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 PetChem.

“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 PetChem’s 25th annual general meeting.

PetChem closed 2022 with record revenue of RM29 billion and profit after tax of RM6.3 billion.

A major milestone

Managing director and CEO 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 PetChem family.

“We have 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.

PetChem 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 greenhouse gas (GHG) emissions by 100,000 tonnes of carbon dioxide equivalent (tCO2e) by 2024.

Through various efforts, such as process optimisation and catalyst upgrades, the group 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 PetChem’s value creation and its sustainability journey.

In 2022, PetChem 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.