Philippine Cabinet urges Board of Investment for decision on naphtha cracker

The Cabinet-level Tariff and Related Matters (TRM) committee in Philippines has instructed the Board of Investments (BOI) to enforce the declared schedule of preparations, submitted by JG Summit Petrochemical Corp. (JGSP) for the construction of the country's first naphtha cracker. In December 2004, JGSPC was given 6 months to comply with the milestones it submitted, to enable extension of tariff protection given by the government to the local petrochemical industry. Under the milestones submitted to the TRM, JGSPC has completed the formation of the naphtha cracker team and engaged technical experts to complete the invitation to prequalify and to bid documents. Interest to bid has been drawn from technology providers, and engineering, procurement, construction and commissioning contractors. In H1-2005, JSPC will have to apply for an environmental compliance certificate with the Department of Environment and Natural Resources (DENR), and complete invitation-to-bid documents, appoint a financial advisor and issue the invitation to bid. In the milestones submitted to the TRM, financial closing for the proposed facility is either November or December this year.
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