The Gokongwei Group seems all set to start construction of its long-overdue US$500 mln naphtha cracker project in Batangas. Project construction will start in January 2011 on the US$500 mln project. The naphtha cracker plant was originally registered with the BoI in 2005 at a project cost of P25.6 bln under JG Summit Petrochemical Corp. Based on that original registration, it was supposed to start commercial in 2008.
In May 2008, the company revised the project with a new commercial operation target of January 2012, even as project soared to P34.38 billion. It was placed under an entirely new unit – JG Summit Olefins Corp.