HSBC supports Kelington's LCO2 project via RM25m loan

TheEdge Thu, May 14, 2020 02:19pm - 3 years View Original


KUALA LUMPUR (May 14): HSBC Malaysia is supporting Kelington Group’s maiden venture into liquefied carbon dioxide (LCO2) manufacturing by providing a RM25 million term loan to partly fund the construction of the group’s LCO2 plant in Kerteh, Terengganu. 

In a statement today, HSBC said Kelington’s plant sources the raw gas used to manufacture the LCO2 from a local oil and gas industry leader under a long-term contract. 

“Without Kelington’s plant, the raw gas would be released to the air as waste, therefore, this venture will also effectively help to reduce carbon emissions released into the environment.

“This deal with Kelington is yet another example of HSBC developing industry-leading sustainable product offerings,” it said.

The bank has been providing financial support to Kelington since 2008 and is the anchor bank which supports the group’s business in both ASEAN and China.

HSBC’s country head of Corporate and Commercial Banking, Karel Avni Doshi said the bank’s deep understanding of Kelington’s business allows it to lead the strategic dialogues with them and provide timely financing solutions that cater to their specific needs.

Founded in 2000, Kelington is a multi-disciplinary engineering services provider with regional presence in Singapore, China, Taiwan, Indonesia and the Philippines.

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