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Fire Shuts Down Petronas Chemicals Aromatics Plant

10:19 AM MST | December 28, 2010 | Vincent Valk

A fire has shut down Petronas Chemicals' aromatics plant at Kertih in the oil-producing Malyasian state of Terengganu. The fire was put out quickly after flaring up on Friday night, but the plant remains closed as a precautionary measure while the fire is investigated, Petronas says. The plant produces ethylene and polyethylene, and was responsible for 20% of Petronas Chemicals' revenues in 2009, according to a report by investment bank Maybank (Kuala Lumpur). The closure of the plant is costing the company about $2 million per day, Maybank estimates. Shares in...

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