So, PETRONAS is out of the 45 rpm business? Are they selling off their plant in Kerteh?
Petronas Chemicals Group Bhd (5183.KU), the petrochemical arm of Malaysian state oil and gas company Petroliam Nasional Bhd, said late Monday it will discontinue its vinyl business and cease operations by January 1, 2013.
As a result, the company will take a charge of 560 million ringgit ($183 million) in the fourth quarter this year to mainly provide for decommissioning, contract termination dues and impairment expense, Petronas Chemicals said in a statement to the Malaysian stock exchange.
“The performance of the vinyl business has not been satisfactory compared to the group’s other businesses,” Petronas Chemicals said, because it wasn’t “closely integrated” within its product value chain.