SINGAPORE - The Philippines' JG Summit Petrochemical Corp, a unit of JG Summit Holdings Inc, is looking to import its first naphtha cargo in preparation for the start-up of its naphtha cracker in March 2014, sources familiar with the matter said on Thursday.
The petrochemical maker is looking to buy a medium-range vessel size naphtha cargo for February delivery and the process could take up to about a week.
Its naphtha import interest comes at a time when supplies are tight and demand is strong as most petrochemical units are running at full tilt.
Located in Batangas City, JG Summit Petrochemical's naphtha cracker is able to produce between 300,000 and 350,000 tonnes of ethylene a year and is the first of its kind in the country.
The annual capacity of the cracker is considered small when compared to larger-scale crackers in South Korea, where the average size of a unit is around 738,000 tonnes per year (tpy).
Asia's top naphtha importer, Formosa Petrochemical, owns one of the largest single units in the continent with a capacity of 1.2 million tpy.