JG Summit Holdings plans to invest US$500-600 mln to expand petrochemical business

10-Jun-16

Gokongwei-led JG Summit Holdings Inc. plans to invest US$500-600 mln to expand its petrochemical business in the next three years, aiming to serve domestic as well as overseas markets, as per business.inquirer.net.
JG Summit president Lance Gokongwei said that after investing around US$1 bln to develop a petrochemical business in the country, the group was ready to expand capacity in its current site in Batangas. From a current capacity of 320,000 tpa of ethylene, JG Summit plans to expand capacity to about half a million tons by 2019. This will also include the building of downstream capacity – the production of butadiene and aromatics.
Currently, the Philippines imports both of these products. Hence the country will be able to reduce its import dependency.