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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: Malaysia's Petronas cuts chemicals output as downturn hits AFP - Wednesday, December 3 KUALA LUMPUR, Dec 3, 2008 (AFP) - Malaysian state energy firm Petronas said Wednesday it has cut production at its petrochemical plants due to lack of demand as the global economic crisis hits. "A lot of petrochemical facilities (worldwide) are being shut down because of lack of demand," Petronas president and chief executive Mohamad Hassan Marican told reporters. "We have brought our plants down in Kertih (in eastern Terengganu state)," he said. "When there is no market, there is no point to produce the polymers." Petrochemical plants produce polymers and resins that are used to manufacture plastic consumer items. With crude oil prices below 50 dollars a barrel, Hassan said the industry would have to firm alliances to weather the economic storm during "this challenging environment." "As an industry, we all need to step back and re-look because of the credit crunch and economic crisis. We need to look at doing things together, like how we can share drilling rigs," he said on the sidelines of a petroleum technology conference. Hassan said however that Petronas, which has expanded abroad aggressively in recent years, would not reduce its current and planned investments because of the negative environment. "We do not jump from one side to another. Oil is a commodity. There will be years of high prices and years of low prices. The economic viability of a project is not based on today's prices," he said. "We are very lowly geared. We have sufficient internal funds to fund the projects. We have both the funds and capacity to borrow," he said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific Philippines backs Thai delay of ASEAN summitAFP - 20 minutes ago Chinese AIDS activist taken home by policeAP - 33 minutes ago Activists vows to protect whales from JapaneseAP - 34 minutes ago TSMC's non-mfg employees to take some unpaid leaveReuters - 37 minutes ago Singapore COSCO says client cancels order for 2 vesselsReuters - 37 minutes ago Most Popular – Asia Pacific Viewed Wall Street plunges as recession becomes reality Sweden to come to rescue of struggling carmakers Saab and Volvo World stocks tumble as economic fears deepen Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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