Iran's NPC to infuse US$100 mln into revival of Bataan Polyethylene Corp. (BPC)

29-Nov-05

After buying out 60% stake of the NPC Alliance Corp. from Metro Alliance Holdings and Equities, National Petrochemical Co., a subsidiary of Iran's petrochemical giant NPC International, plans to infuse US$100 million for the reoperation of Bataan Polyethylene Corp. (BPC) . BPC owns a 275,000 tpa linear low-density polyethylene (LLDPE)/high-density polyethylene (HDPE) swing plant. The idle plant is located at the PPDC Petrochemical Park in Mariveles, Bataan, 140 kms from Manila. The plant ran aground in August 2002 or just a year after since the plant started commercial operation on February 1, 2001. As BPC closed down within one year after it went on commercial operation, it was not able to avail of the incentives granted by the BoI. The Board of Investments (BoI) has approved to transfer all the pioneer incentives earlier granted to BPC as a BoI policy allows the transfer of incentives of its registered company that had been closed for a year to a new company that acquired the old project.