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BoI grants nod to naphtha cracker project
31
Dec '10
According to Lucita Reyes, the Executive Director of Board of Investments (BoI), financial incentives have been extended by the Board to the $600 million worth naphtha cracker project of JG Summit Olefins Corp, a subsidiary of JG Summit Holdings located in the Batangas province of Philippines.

JG Summit Olefins will manufacture polymer-grade ethylene and propylene, pyrolysis gas as well as by-products like acid gas, fuel oil and fuel gas with a yearly production capacity of 925,537 metric tons.

Trade Undersecretary and Managing Head of BoI – Cristino Panlilio revealed that this naphtha cracker project is a large venture intended at replacing the import of various raw materials with that of the local production. It can now compete with China in this field.

The company will lay the foundation stone of the project in January, 2011 in Barangay Simlong, Batangas city.

The project has been postponed largely because of the recession that started in 2008. It is for the third time that it has tried to start the project after attempting twice in 2005 and 2008.

The naphtha cracker is likely to manufacture 320,000 metric tons of ethylene, 270,000 tons of pyrolysis gas and other byproducts and 190,000 tons of propylene, every year.

The annual production capacity of polypropylene and polyethylene plants of JG Summit Petrochemical is 180,000 tons and 200,000 tons, correspondingly.


Fibre2fashion News Desk - India

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