18 October 2007 14:50 [Source: ICIS news]
(Adds JEC holding pattern in paragraph 4)
MUMBAI (ICIS news)--Vinmar-linked consortium Jurong Aromatics Corp (JAC) will invest about $2bn to build a petrochemicals plant with an aromatics capacity of 1.5m tonnes/year on Singapore's Jurong Island, it said on Thursday.
"The project, when completed in 2011, will be one of the largest privately-owned petrochemical projects in Singapore," JAC added.
Jurong Energy Corp (JEC) holds the majority 60% stake in the JAC consortium. Other members include Glencore, South Korean petrochemical firm SK Energy, Kuwait-based investor Noor Financial Investment and Chinese polyester producer Jiangsu Sanfangxiang Industrial Group.
JEC is a group backed by founders of privately held Houston-based Vinmar Group and the Singapore-based intermediate chemicals and specialty resins producer Continental Chemical .
The project will have a capacity of 800,000 tonnes/year of paraxylene (PX), 200,000 tonnes/year of orthoxylene and 450,000 tonnes/year of benzene, and about 2.5m tonnes/year of petroleum products, JAC said.
The facility would use natural gas condensate as feedstock, it added.
"Jurong Island was chosen because of its excellent security environment, superior supporting infrastructure as well as its ability to integrate the complex co-products to both existing and new facilities," said JAC director Ewe Ee Foong.
"Construction of the facility will begin in 2008. What is more significant in the JAC project is that the feed supply has been fully locked up and the products fully subscribed," Ewe said.
JAC was established primarily to provide aromatics raw materials to downstream manufacturers in the textile and plastic industries, it added.
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