Daelim inks $636m Philippine naphtha cracker deal

25 February 2008 10:37  [Source: ICIS news]

SINGAPORE (ICIS news)--Daelim Industrial said on Monday it has clinched $636m (€426.1m) worth of orders from JG Summit Petrochemical to build the first naphtha cracker in the Philippines within three years.

 

The South Korean builder would carry out engineering, procurement and construction (EPC) work for the proposed cracker at Batangas in the northern part of the country, a Daelim spokesman said.

 

The project would produce 320,000 tonnes of ethylene and 190,000 tonnes of propylene annually, he said, adding that it would be completed in three years from early March.

 

The cracker project, proposed back in the 1990s, has been delayed repeatedly due financing issues, especially following the Asia financial crisis of 1997.

  

JG Summit is a polymer maker based in the Philippines.

 

($1 = €0.67)

 

By: Florence Tan
+65 6780 4359

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