JG Summit Holdings to invest additional US$700 mln for petrochemical expansion


JG Summit Holdings, Inc., the flagship of the Gokongwei family, is investing an additional US$700 mln for the expansion of its petrochemicals business through subsidiary JG Petrochemical Corporation.
In an interview after the firm’s annual stockholders’ meeting, JG Summit President Lance Gokongwei said this will boost their total investment in the petrochemicals business to US$2.2 bln.
Gokongwei said the expansion consists of five projects-  expansion of the naphtha cracker by 50%, expansion of polypropylene plant by 50%, a new polyethylene plant, an aromatics plant and the  fifth is a butadiene plant.

The company plans to award all the major packages (engineering, procurement, and construction contracts) by the end of the year, and plans to be operational by 2021. The funding for the expansion will be from the free cash flow of the existing petrochemicals business plus some borrowings.

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