Friday, 11 May 2012

Petronas Gas shares dip after fire at Kerteh plant

KUALALUMPUR (May 11):PETRONAS GAS BHD [] shares retreated on Friday after the company reported a fire incident at its GPP Complex A in Kerteh terengganu on Thurday, in which one person died and two personnel hade been warded.

At 9.26am, PGB fell 10 sen to RM17.18 with 26,200 shares traded.

In a filing Friday, Petronas Gas (PGB) said the fire, which started at 3pm, was brought under control by the Complex's Emergency Response Team at 3.30pm.

The company said the incident happebed at GPP 3 which was under planned maintenance shutdown.

It said there was minimal damage to plan equipment, adding that the incident had not affected the operations of the other gas processing plant units and there was no interruption to the gas suply to the Peninsular Gas Utilisation pipeline network.

"Arising from this incident, there is minimal impact to PGB's earnings," it said.

PGB said that a number of employees of Hyundai-PFCE Consortium (HPC), which is the contractor engaged to undertake the maintenance works at the GPP, were affected by the incident.

"PGB is extending all necessary assistance to the affected personnel and their family members," it said.

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