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Philippines BoI okays JG Summit's 3 petrochemical projects
30
Dec '16
The Philippines board of investments (BOI) has approved three petrochemical projects of JG Summit Holdings Inc. (JGSHI), collectively amounting to Php15.8 billion (approx. $31.9 crore). JGSHI’s wholly-owned subsidiary JG Summit Petrochemical Corp. (JGSPC) got the nod for two projects, while JG Summit Olefins Corp. (JGSOC) will set up a Naphtha Cracker.

JGSPC’s projects have been approved under the preferred activities of the existing Investment Priorities Plan (IPP) with the endorsement of the Department of Science and Technology (DOST).

One of the JGPSC projects is a Php3 billion project for the production of various things including benzene. As for JGSOC, was given the greenlight for the expansion of its Naphtha Cracker that will produce additional Polymer Grade Ethylene and Polymer Grade Propylene among other things.

“We very much welcome investment projects such as these. The company’s initiative and innovation in expanding their petrochemical plants is definitely a big boost to the manufacturing industry and its sub-sectors,” said Ceferino Rodolfo, trade undersecretary and managing head, BOI.

“Parameters in innovativeness/novelty of the activity, innovativeness/novelty of products or processes or equipment to be developed, level of technological expertise required, impact on increasing the level of science and technology in the Philippines and possibilities for commercial operation comply with the requirements for a pioneer status of the projects,” said DOST in its endorsement letter.

The JGSPC projects will generate 112 jobs once fully operational in 2021. The JGSOC project, on the other hand, is expected to enlist 21 personnel when the expansion operations start in July 2021.

These projects will be located in the JG Summit Petrochemical complex in Batangas City. JGSPC currently operates two polyethylene (PE) and polypropylene (PP) plants with a combined capacity of 320,000 metric tons (MT) annually of PE and 180,000 MT of PP. The complex also houses the country’s first and only naphtha cracker facility, also a BOI-registered project of JGSOC.

From the time the naphtha cracker started commercial operations in 2014, the upstream JGSOC has been able to provide the downstream JGSPC with a stable and competitive source of feedstock for its polymer plants.

The naphtha cracker expansion project of JGSOC in the next five years worth Php8.6 billion will allow the JGSPC to pursue construction of additional new or expanded downstream units, to help further maximise the potential derivatives value from each of the newly-registered derivatives. As soon as these projects become fully operational, the firm will directly sell butadiene, benzene, and other petrochemical products to China, Korea and other Asian countries. (KD)

Fibre2Fashion News Desk – India


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