Europe's second-biggest oil company - BP Plc has signed a US$10 bln contract to supply feedstock to Jurong Aromatics Corp. in Singapore. Jurong Aromatics' is a US$2 bln petrochemical plant located in Singapore, and is scheduled for completion in 2011. The supply agreement will come into force upon completion of the project with an annual capacity to produce 1.5 million metric tons of petrochemicals. Output from the facility will be sold to BP and others.
Though details on the duration of the contract are not available, BP has an option to renew the multi year agreement, The plant, to be completed in 2011, will have annual capacity to produce 1.5 million metric tons of petrochemicals.