Commercial production of the project is targeted to commence in the fourth quarter of 2023.
“This US$3.4 billion (RM14.3 billion) project was secured by the Malaysian Investment Development Authority (MIDA) in 2018,” the ministry said in a statement today.
Upon completion in 2023, PEC will be one of the world’s largest integrated Condensate Splitter and Aromatics facilities, with the capacity of 150,000 barrels per day.
It will generate US$5 billion in annual export turnover for Malaysia.
International Trade and Industry Minister Datuk Darrel Leiking said the capital intensive project, which involves fully automated processes, will also benefit the local workforce through the transfer of cutting edge technology and technical know-how.
“(PEC) plans to recruit over 200 highly skilled Malaysian engineers and technical staff that will provide good career opportunities and a learning platform for Malaysian employees in all aspects of the chemical business.
“PEC will certainly be in the list of success stories in the years ahead,” Darell said in the statement.
PEC will receive long-term supplies of feedstock from major international oil companies.
Leading Japanese, Chinese and Korean Trading Houses have committed to off-take the aromatics products.
Maire Tecnimont S.p.A, a multinational group, and one of the leaders within the field of plant engineering, is one of the selected engineering, procurement, construction and commissioning contractors of the project.