Petronas cuts chemicals output as downturn hits

Malaysian state energy firm Petronas said Wednesday it has cut production at its petrochemical plants due to lack of demand as the global economic crisis hits.
"A lot of petrochemical facilities (worldwide) are being shut down because of lack of demand," Petronas president and chief executive Mohamad Hassan Marican told reporters.
"We have brought our plants down in Kertih (in eastern Terengganu state)," he said. "When there is no market, there is no point to produce the polymers."
Petrochemical plants produce polymers and resins that are used to manufacture plastic consumer items.
With crude oil prices below 50 dollars a barrel, Hassan said the industry would have to firm alliances to weather the economic storm during "this challenging environment.”