JG Summit Holdings Inc. said it is on track to finish an $800-million (P34-billion) naphtha cracker plant by the first quarter of 2014

JG Summit Holdings Inc. is on track to finish an US$800 mln (P34 bln) naphtha cracker plant by Q1-2014, as per businessmirror.com. The naphtha cracker facility will help boost annual revenues of the petrochemical unit to US$800 mln to US$1 bln per year. JG Summit has invested US$300 mln in the cracker plant. The remainder will be funded by dividend contributions from JG Summit’s units, estimated at P7.3 billion this year, but, according to him, this would be supplemented by additional borrowings. The company is seeking to refinance a $300-million bond due next year and it may raise another US$100-200 mln from the debt market possibly in the second half of 2012 to help finance construction of the naphtha cracker facility. The investment also involves the expansion of the company’s existing polyethylene capacity from 200,000 metric tons and to 320,000 metric tons and tankage facilities for crude C4 exports. The company’s petrochemical plants are expected to provide at least two-thirds of the country’s total demand for polypropylene and polyethylene resins, JG Summit said in a report distributed to shareholders.
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