Fire reported at PetChem’s Kertih silo

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KUALA LUMPUR: Petronas Chemicals Group Bhd (PetChem) reported that a fire broke out at one of its silos, or intermediate product storage vessels, in Kertih, Terengganu, at about 5pm yesterday.

In a statement yesterday, PetChem (fundamental: 1.65; valuation: 1.1) said the incident occurred at its 60%-owned subsidiary Petronas Chemicals LDPE Sdn Bhd (PC LDPE).

“The incident has been brought under control. All relevant authorities have been informed. There are no casualties or injuries reported. There is no immediate threat to on-site personnel or the surrounding community,” the group said.

“The incident is confined to PC LDPE and there is no impact to production at other PetChem plants in Kertih,” it said.

PetChem said an investigation will be carried out to determine the cause of the fire and the extent of damage to property.

PetChem closed one sen or 0.16% higher at RM6.10 yesterday, with 1.41 million shares done, giving it a market capitalisation of RM48.71 billion.

 

This article first appeared in The Edge Financial Daily, on June 24, 2015.