Chairman Shamsul Azhar Abbas said that the bulk of the funds would be channelled towards the company’s two growth projects in Pengerang, Johor – the LNG Regasification Terminal and the Air Separation Unit project.

It will also be maintaining its annual capex at 300 million ringgit this year.

“These are the two major projects as far as growth is concerned for PetGas,” he told a press conference after the company’s AGM here yesterday (April 26).

Shamsul added that funds from the US$500 million loan it had taken from Mizuho Bank earlier this year would also mainly be channeled into the two projects.

“The bulk of that loan is going to these growth projects and the rest will be reserved for maintenance capex.

“We will also continue looking for other growth projects,” he said.

Shamsul said the Pengerang regasification terminal would be fully-commissioned by the first quarter of 2018.

“As for the Air Separation Unit, also in Pengerang, which is to cater to requirement of the Rapid project, we expect to achieve the Final Investment Decision by the second quarter of this year,” he said.

He said FY15 had been an “excellent” year for the company, in terms of its financial results.

The company’s earnings rose to nearly 2 billion ringgit in the financial year ended Dec 31, 2015. It announced a dividend of 17 sen per share, compared with 15 sen a year ago.

(US$1 = 3.91 ringgit)