Signing Ceremony with Pasdec Holding Berhad

Kuantan, 13 November 2024 – Petroluxe Refinery (M) Sdn. Bhd. has signed an industrial land purchase agreement at Harbour Park, Gebeng, Kuantan, Pahang with Pasdec Corporation Sdn. Bhd. This historic event took place at Zenith Hotel, Kuantan, Pahang.

The signing ceremony was graciously witnessed by His Majesty the Yang di-Pertuan Agong, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah Ibni Al-Marhum Sultan Haji Ahmad Shah. Also present was YAB Pahang Chief Minister, Dato’ Sri Diraja Haji Wan Rosdy Wan Ismail, along with key leaders from both companies.

Pasdec Corporation Sdn. Bhd. is a subsidiary of Pasdec Holding Berhad, a publicly listed company on Bursa Malaysia that serves as an investment holding company. Through its subsidiaries, Pasdec is actively involved in property development, project management, and construction, playing a vital role in the economic development of Pahang.

Petroluxe Refinery has obtained preliminary approval from the Ministry of Investment, Trade, and Industry (MITI) and the Malaysian Investment Development Authority (MIDA) to establish an integrated oil refinery and petrochemical complex at the site. This investment, estimated at RM3 billion, is expected to positively impact the economic growth of Pahang, creating multiplier effects and sustainable high-income job opportunities for the local workforce.

As a major investor developing a high-capacity refinery on this land, Petroluxe Refinery aims to secure long-term operational stability by acquiring the land outright, rather than being limited by a short-term lease. This strategic land ownership ensures the continuous and sustainable operations of the refinery for years to come.

The signing ceremony was successfully held, marking a significant moment in Malaysia’s energy and petrochemical industry. Petroluxe Refinery is optimistic that this project will be executed smoothly and bring substantial benefits to both the state and the nation’s economy.