INVESTMENT ON THE CLEAN AIR REGULATION PROJECT
The Board of Directors of Hengyuan Refining Company Berhad (“HRC” or “Company”) wishes to announce that it has approved the investment for the Clean Air Regulation Project (“CAR Project”) to be executed within its refining complex in Port Dickson.
The CAR Project is undertaken to ensure that the refinery’s emissions comply with the Clean Air Regulation (“CAR”) requirements mandated by the Malaysian regulatory authorities via the installation of air pollution control systems at the Long Residue Catalytic Cracking Unit and Plat-2, and an emission monitoring system on HRC’s flue gas stacks.
2. TOTAL INVESTMENT COST
The Total Investment Cost for the CAR Project is estimated at USD48 million.
3. PROJECT COMPLETION
The CAR currently requires compliance by June 2019.
4. FINANCIAL EFFECTS
The CAR Project will be financed using a mix of cash flow generated from operations and a further draw down from an existing term loan.
5. DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTEREST
None of the directors or substantial shareholders of HRC or persons connected with them have any interest, whether direct or indirect, in the investment decision.
6. STATEMENT BY DIRECTORS
HRC’s Board of Directors is of the opinion that the above investment decision is in the ordinary course of business and is in the best interest of the Company.
7. APPROVALS REQUIRED
This investment decision is not subject to the approval of shareholders of HRC or any relevant authorities.
This announcement is dated 5 September 2018.
|Company Name||HENGYUAN REFINING COMPANY BERHAD|
|Date Announced||05 Sep 2018|
|Category||General Announcement for PLC|