Marubeni divests stake in JG Summit

In line with Marubeni's select and concentrate policy for its petrochemical and chemical operations, Japan's Marubeni Corp. has divested its 17.72% stake in JG Summit Petrochemical to the latter's parent firm JG Summit Holdings. JG Summit Petrochemical is a Philippines based polyolefin manufacturer. Marubeni, a Japanese trading house, is also dissolving non-core businesses. JG Summit has a 200,000 tpa unit to produce high-density polyethylene (HDPE) and linear low-density polyethylene (LLDPE), and an 180,000 tpa polypropylene (PP) unit in Batangas Province, Philippines. The company is currently constructing a naphtha cracker, with ethylene capacity of 350,000 tpa. The unit, which will require an investment of over US$600 mln be completed in 2011-2012.
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