Others
| Type | Announcement |
| Subject | OTHERS |
| Description |
Full Fund Release of USD66.40 million for the H2GEN Project |
1. Introduction
The Board of Directors of Hengyuan Refining Company Berhad (“Company”) wishes to announce that it has approved the full fund release for the H2GEN Project (“H2GEN Project”) to be executed within its refining complex in Port Dickson.
The H2GEN Project is undertaken to supply the refinery with 30 tonnes/day of hydrogen for hydro desulfurization unit#2 and the extractive desulfurization hydro-treating process to meet the 10ppmw sulphur specification. The refinery will be short of hydrogen upon Euro5 gasoil specification implementation in September 2020.
The H2Gen Project is expected to start up in September 2020 to coincide with the Euro5 gasoil legislated date.
2. FINANCIAL EFFECTS
The Project will be financed using a mix of cash flow generated from operations and further drawdowns of existing loans.
3. DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTEREST
None of the directors or substantial shareholders of Company or persons connected with them have any interest, whether direct or indirect, in the full fund release.
4. STATEMENT BY DIRECTORS
The Company’s Board of Directors is of the opinion that the above full fund release decision is in the ordinary course of business and is in the best interests of the Company.
5. APPROVALS REQUIRED
This investment decision is not subject to the approval of shareholders of Company or any relevant authorities.
This announcement is dated 16 January 2019.
Announcement Info
| Company Name | HENGYUAN REFINING COMPANY BERHAD |
| Stock Name | HENGYUAN |
| Date Announced | 16 Jan 2019 |
| Category | General Announcement for PLC |
| Reference Number | GA1-16012019-00031 |