Petronas Chemicals Continues To Demonstrate Resilience Despite Uncertain Global Outlook

KUALA LUMPUR, June 16 (Bernama) -- Despite the highly uncertain global outlook, Petronas Chemicals Group Bhd (PCG) continue to demonstrate resilience as evident in its first-quarter 2020 (Q1 2020) results by maintaining operational efficiency, customer centricity and diverse product portfolio. PCG managing director/chief executive officer, Sazali Hamzah said the group’s solid operational and commercial capabilities allow it to be responsive to market changes. “We have been able to circumvent the disruptions from lockdowns that are happening worldwide and sustain our business,” he said in a statement Tuesday, following PCG’s virtual 22nd annual general meeting Tuesday on the company’s performance for the financial year ended Dec 31, 2019. The AGM was chaired by PCG Chairman, Md Arif Mahmood who is also Petronas’ executive vice president and chief executive officer downstream. Sazali shared with the shareholders on the company’s performance and operations last year, its growth plans as well as the outlook for the year. “The year 2020 started off as an unprecedented one for most industries in the wake of the COVID-19 pandemic followed by the OPEC+ fallout which have heightened economic as well as market uncertainties. Product prices will generally remain under pressure in this difficult environment. “We believe that these challenges are temporary and the market will gradually recover towards the end of the year and into 2021. Hence, it is imperative that we remain resilient as we face the full impact of the pandemic and subsequent economic downturn. We are confident that our strong fundamentals will take us through this challenging period,” said Sazali. The Malaysia-headquartered PETRONAS Chemicals Group Bhd is an investment holding company, which engages in the manufacture, marketing, and sale of chemical products. -- BERNAMA