KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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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