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Petronas Plans to Finance New Plants, Acquisitions with Proceeds from IPO

3:09 AM MDT | November 1, 2010 | Natasha Alperowicz

Petronas Chemicals, the petrochemicals arm of Petronas, currently in the process of an initial public offering of shares (IPO), plans to use some of the expected $4 billion proceeds to fund a new investment program and acquisitions. The company announced the plans in a listing prospectus published today. The IPO is expected at the end of this month, the company says. Petronas, as part of the new investment plan, is exploring the possibility of building a new ammonia and urea complex on a greenfield site off the coast of East Malaysia, where it has access to...

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