14 July 2010 09:08 [Source: ICIS news]
SINGAPORE (ICIS news)--Integrated Refinery & Petrochemical Complex Public Co (IRPC) is mulling taking an interest in a polypropylene (PP) plant partly owned by oil major Petron in the Philippines, the top executive of the Thai company said on Wednesday.
"We were offer[ed] some stakes in [the] PP project from Petron, but [there is] no concrete agreement as yet," IRPC CEO Pailin Chuchottaworn told ICIS, without elaborating on details.
Petron had tapped IRPC to restart its recently acquired 160,000 tonne/year PP plant in Mariveles, Bataan. The plant's annual capacity is expandable to 225,000 tonnes/year, Petron had said in an earlier statement.
Petron indirectly owns the plant through its 40% stake in Petrochemical Asia (HK) Ltd (PAHL), which owns Philippine Polypropylene Inc (PPI). PPI, in turn, is the owner of the PP plant. Petron has an option to raise its stake in PAHL to 51%.
The Philippine oil company was hoping to boost profitability by pursuing petrochemical projects. Petron currently has a mixed xylene plant, a PetroFluidized Catalytic Cracker (PetroFCC) and a propylene recovery unit, located near its 180,000 bbl/day refinery in Limay, Bataan.
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