Edited by: Sheera Abg Mansor
KUALA LUMPUR: RM852 million has been allocated by Hengyuan Refining Company Bhd in capital expenditure (capex) for the financial year ending Dec 31, 2019 (FY19).
Chairman Wang YouDe as quoted in Borneo Post said the company was fully focused in equipping the refinery for the long-term through intensive capital investment programme without compromising its sturdy financial position.
He noted that the company has successfully maintained their strong balance sheet and improved their gearing level to 0.57 times despite having spent RM610 million in capex last year.
Wang said the company would continue its efforts to invest in the refinery’s long-term future by undertaking major infrastructure projects that further enhance the refinery’s sustainability and reliability.
The capex for FY19 will be spent primarily for four ongoing major infrastructure projects, namely Euro 4M Mogas (Euro 4M), Clean Air Regulation (CAR), Hydrogen Generation (H2GEN) and Euro 5 Gasoil (Euro5G).
Source: Borneo Post