21

3

4

51

5

61

1

2

3

6

1

3

2

5

4

6

6

71

Latin America

Malaysia

China

ASEAN

ROW

(1) All data as at 31 Dec 2014

7

81

8

ShippingDays*

Malaysia(Kertih)

Middle East(Jubail, Saudi Arabia)

USA** (Houston, Louisiana)

China (Xiamen) 6 days 19 days 37 days

Japan (avg. Shimizu, Sakai, Kobe,

Mizushima)9 days 23 days 34 days

Taiwan (Kaohsiung) 6 days 19 days 37 days

Indonesia (avg. Surabaya, Semarang)

4 days 16 days 42 days

Thailand (Bangkok) 3 days 16 days 43 days

Shipping Considerations

Smaller ships and smaller loads economically viable

Less crowded routes

More frequent vessels

Only large ships to maintain economies of scale

Potential delay through crowded Straits of Malacca

Only large ships to maintain economies of scale

Global Ethylene Supply

Source: WoodMackenzie, MMSA, sea-distances.org

9

2013 2014 H1 2015

1

10

171

11

121

12

131

13

14

World class PU @ 85%

40

50

60

70

80

90

100

1

PU Target @ 90%

15

Target

0

50

100

150

200

250

300

350

1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025

Million tonnes per year

Long term growth

Urea & Methanol

Ethylene

161

▪

▪

1

2

3

4

5

6

7

11

12

8

10

9

Source: UN, Roland Berger, IEA, IHS, FERTECON

Basic Petrochemicals Specialties & Solutions

16

171

17

1

18

1

•

• :

•

19

Liquid Bulk Terminal

Utilities, Interconnecting & Offsite

Raw Water Supply Project

Regasification Terminal

PengerangCo-generation Plant

Air Separation Unit

1

20

PENGERANG INTEGRATED COMPLEX (PIC)

CAPEX for 7.7 MTPA

211

Growth

Operations

21

22

231

23

Source: Company analysis (Strategic Research)

241

24

• Stable urea prices on the back of supply

shortage from Middle East

• Firmer ammonia prices as demand from

applications improve

• Stable methanol prices on the back of

supply demand fundamentals

• Softer ethylene prices on back of supply

recovery

• Softer polymer prices on the back of ample

supply

• Softer MEG on the back of declining feedstock

price and lower polyester production rate

• Firmer aromatics on the back of supply

disruption

• Ethylene

• Polymers

• MEG

• Aromatics

Olefins & Derivatives Fertilisers & Methanol

• Urea

• Ammonia

• Methanol

251

25

100%

271

64.35%

100% 100% 100%

0.01%

40%

99.99%100%

100% 100%100%100%100%100%100%100%

88% 87.5% 70% 63.44% 60%

40%30% 30% 20%

99.99%

281

(1) Associate company

291

1

PC Fertiliser, Gurun• Methane based• Feedstock linked to

market prices

Kertih IPC• Mainly Ethane based(1)

• Feedstock in line with avg. ME Ethane producers

3

1

2 Gebeng IPC• Propane & Butane based• Feedstock linked to

Saudi Aramco CP

4ABF, Bintulu• Methane based• Feedstock linked to

market prices

PC Methanol, Labuan• Methane based• Feedstock linked to

market prices

5 Project SAMUR, Sipitang• Methane based• Feedstock linked to market

prices

6

•

•

•

•

•

• •

•

311