THE Gokongwei group's JG Summit Petrochemicals Corp. is confident of raising sufficient funds to commence operations at its US$550-million naphtha cracker in Batangas City around 2006. JG Summit is still in discussions with multilateral agencies on funding for the proposed plant.
JG Summit's petrochem plants currently operate at 45% capacity, and the planned backward integration is expected to at least double that rate, boosting the revenue of the group's petrochem business to US$450-500 million a year from the present US$150 million. Upon completion, the naphtha cracker is slated to process up to 350,000 tpa of feedstock and is expected to reduce dependence on imported raw materials from Singapore.
29-Nov-05 
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