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Author: Stockpick2U Dr   |   Latest post: Mon, 5 Oct 2020, 9:46 AM

 

PETCHEM will ventures into Rubber Glove Industry

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By Stella Goh

 

Petronas Chemicals Group Berhad (PetChem) and LG Chem have inked an agreement to build a nitrile butadiene latex (NBL) manufacturing plant at Pengerang Integrated Complex (PIC) in Johor as they venture into the rubber glove industry. NBL is a synthetic rubber that uses butadiene as the main feedstock and is a core raw material for making nitrile gloves, which is widely used in industries such as healthcare, medical, and food. This facility will further help strengthen Malaysia’s position as the largest exporter of rubber gloves globally.

The construction of the plant will begin in 2021 while production is scheduled to start in 2023.The plant will have an annual NBL production capacity of 200,000 tibs after completed. PETCHEM and LC Chem will work together to offer various grades and new applications of NBL as well as develop high value-added products through continuous research & development and investments.

According to the PETCHEM Managing Director and Chief Executive Officer Datuk Sazali, this collaboration further strengthens the pursuit of the growth agenda, having acquired a silicone player last year. With more specialty chemicals in portfolio, they are moving into segments with higher growth potential. The collaboration also will help to create new revenue streams and unlock new markets by optimising resources in both companies.

Recently, the use of nitrile gloves has seen rapid growth in helping to prevent the spread of Covid-19 and other infections. The rising of demand of nitrile gloves is at an annual average of more than 10% and is expected to account for 70% of the entire latex gloves market in 2024.

 

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Labels: PCHEM

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Chart Stock Name Last Change Volume 
PCHEM 7.39 +0.07 (0.96%) 1,653,100 

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