Petronas Chemicals Group Bhd (PCG) has cancelled a proposed elastomers project at the Refinery and Petrochemicals Integrated Development (Rapid) project in Johor.

In a filing to Bursa Malaysia today, PCG said, the cancellation of the project followed a review which was conducted on various key aspects of the elastomers project, including the product’s market outlook and projected return on investment.

"The group expects the project cancellation to improve its overall returns of investments," it said.

PCG said it remained committed to the rest of the petrochemical projects it had undertaken, namely the polymers and glycols projects.

- Bernama