JAC’s petchem plant is back on track

The halted Jurong Aromatics Corporation (JAC) project, originally planned for start-up in 2011, is finally getting on track. Upon completion in 2014, the output will comprise of 2.5 mln tpa of transport fuels and 1.5 mln tpa of aromatics. The JAC project was delayed for more than two years due to the financial crisis of 2008. To be built at an investment outlay of USS$2.9 bln, the construction work recommences at a time when major world economies seem poised for economic uncertainties. However, the company is not worried about slowing demand impacting its sales, as it’s entire output of oil products and aromatics has been pre-sold for the next seven years. Its buyers are unlikely to pullout of future deals as most of them including SK Energy and Glencore hold stakes in the company. SK Energy has a 30% shareholding, Jiangsu Sanfanxiang Group holds 25%, Arovin holds 10.5%, Glencore holds 10%, and Singapore’s EDB Investments holds 5%.
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