Leading ME Banks & Financial Institutions Provide Financing for Pengerang Energy Complex

Pengerang Energy Complex of Malaysia has secured US$500 million in financing from leading Middle Eastern banks and financial institutions. The lending group includes the Islamic Development Bank and its two major subsidiaries: the Islamic Corporation for the Development of the Private Sector and the Islamic Corporation for the Insurance of Investment and Export Credit.

The complex has a production capacity of 1 million metric tons per annum (MTPA) and is capable of processing 150,000 barrels per day (bpd) of condensate plus naphtha, which in turn will produce 50,000 MTPA of hydrogen, 3.9 MTPA of energy products, and 2.3 MTPA of aromatics.

The complex uses the latest innovations to achieve maximum efficiency, minimum energy requirements, and a smaller carbon footprint. Upon completion, the project is set to become one of the largest low-carbon aromatics production facilities in the world.

The complex is designed to improve energy efficiency, reduce equipment size and significantly reduce carbon footprint and has been developed in line with the IFC Performance Standards and Equator Principles.