SINGAPORE (ICIS)--The Philippines’ JG Summit Petrochemical has bought via tender its maiden naphtha cargo of 30,000 tonnes for delivery in February, ahead of the start-up of its new cracker in Batangas in March next year, traders said on Tuesday.
Japanese trading company Marubeni sold the cargo at a premium of $14/tonne (€10.20/tonne) to Japan quotes CFR (cost & freight), they added.
The naphtha cracker – the Philippines’ first – is expected to produce 320,000 tonnes/year of ethylene and 190,000 tonnes/year of propylene. It will supply feedstock to JG Summit’s 210,000 tonne/year polyethylene (PE) plant and 190,000 tonne/year polypropylene (PP) plant in Batangas.
Meanwhile, JG Summit Petrochemical is expected to complete the expansion of its polymer facilities in Batangas by early January.
($1 = €0.73)