JG Summit's $800M naptha cracker plant to start by 2014

By Lois Calderon, ABS-CBN News Channel

Posted at Jun 28 2012 06:34 PM | Updated as of Jun 29 2012 02:34 AM

MANILA, Philippines - JG Summit Holdings president Lance Gokongwei on Thursday said the group is on track to start commercial operations on its $800 million naphta cracker plant by the first quarter of 2014.

The naptha cracker plant will produce an annual 320,000 tons of ethylene, the raw material used to produce polyethylene.

Gokongwei said the plant will provide most of the local market's needs, which is estimated at 350,000 tons a year.

The plant should start contributing around $800 million to $1 billion in annual revenue to JG Summit starting 2015.

Gokongwei added there is room to double the plant's capacity.