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Naphtha cracker plant to commence operations at Batangas

29
Apr '08
JG Summit Holdings Inc has incorporated a new company, JG Summit Olefins Corporation, which would operate and maintain a naphtha cracker plant for the production of goods like polymer grade ethylene, polymer grade propylene and other related products.

JG Summit Olefins has an authorized capital stock of P10 million, divided into 10 million shares with a par value of P1 a piece. Of this, twenty-five percent or P2.5 million of the authorized capital stock has already been subscribed.

JG Summit Holdings Inc , as early as 2006, announced its plans of borrowing as much as $600 million from various sources for the construction of naphtha cracker plant in Batangas City, south of Manila.

The plant is expected to produces nearly 350,000 tons of raw material and experts believe that this will immensely help in feeding the local demands of the country.

Another subsidiary, JG Summit Petrochemical Corp, has also managed to reduce its net loss for the year 2007 to P722.44 million from P3.36 billion of the previous year.

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