KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units
PetroChina is preparing to shut down its largest refinery in north China, located in Dalian, around mid-2025, marking the first major closure of a state-run oil facility. This move is part of a long-standing plan to replace it with a smaller refinery at a new site, according to sources familiar with the matter.
The 410,000 barrels per day (bpd) Dalian Petrochemical plant, which represents 3% of China’s total refinery output, will be shut down as Chinese refiners grapple with overcapacity and weakened fuel demand due to slowing economic growth and the rise of electric vehicles.
PetroChina has already closed 210,000 bpd—about half of the plant’s capacity—at its Dalian subsidiary, according to the sources, though PetroChina has not yet publicly commented on the matter.
The closure is part of a relocation plan following a series of safety incidents, including a major oil spill in 2010, an explosion in 2013, and a fire in 2017. Under an agreement with Dalian authorities, CNPC, PetroChina’s parent company, has proposed building a new 70 billion yuan (US$9.84 billion) refinery and chemical complex on Changxing Island, approximately two hours from downtown Dalian.
This new facility would include a 200,000 bpd refinery—half the capacity of the current plant—and a 1.2 million tonne-per-year ethylene complex. However, the project remains in its pre-feasibility stage, with no final investment decision made by PetroChina.
Earlier this month, PetroChina also shut down a 90,000 bpd crude distillation unit (CDU) at the Dalian refinery indefinitely, following the closure of a 120
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