The Export-Import Bank of the United States has received a request to increase the financed amount for a Malaysian petrochemical complex. Indications are the funding will support the work of Honeywell UOC's engineering of the Pengareng Energy Complex at the tip of the Malaysian Peninsula.
The application is for a $743 million direct loan to support the export of approximately $439 million worth of U.S. engineering services, design services, licenses, catalysts, and refining equipment. The notice is an amendment of a previous application (FR Doc. 2022–13827). for a $525 million long-term loan guarantee to support the export of approximately $366 million worth of services and supplies. There has been no significant change in the expected output of the facility.
In September 2023, Honeywell UOP announced it had completed its first phase of design-related works for the US$5 billion PEC.
Pengerang Energy Complex (PEC) Petrochemical Project, Malaysia is being developed by Singapore-based ChemOne Corp, with agreements for feedstock supply and product off-take with energy majors Chevron and Equinor, Thai national oil company PTT, and trading house Mitsui & Co. Ltd, worth a combined total of US$102 billion.
The venture is scheduled to be completely functional in 2026 and will generate 2.3 million tons of Aromatics annuallly. The supported U.S. exports will enable the facility to produce 725 thousand metric tons per year of jet fuel, 894 thousand metric tons per year of light naphtha, 432 thousand metric tons per year of low sulfur fuel oil, 1.83 million metric tons per year of paraxylene, and 632 thousand metric tons per year of benzene.
Production of paraxylene and benzene will primarily be sold to East Asia, while production of jet fuel, light naphtha, low sulfur fuel oil will primarily be sold regionally in Southeast Asia.
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