JG Summit seeks second naphtha cargo ahead of March steam cracker start up

28-Jan-14

JG Summit Petrochemical Corp is looking to import its second naphtha cargo ahead of its steam cracker start up around mid-March, as per Reuters. The Philippines’ petrochemical major is looking to buy around 30,000 tons of naphtha for H1-March arrival at Batangas City, home to its 320,000 tpa cracker, the first cracker in the Philippines so far. The company bought its first naphtha cargo around mid-December 2013 at premiums of about US$14 a ton to Japan quotes on a cost-and-freight basis. The cargo will be delivered in the first half of February.