JG Summit taps South Korean firm for $197M petrochemical plant project
South Korea‘s POSCO Engineering & Construction Co. has bagged a $197 million contract to build a petrochemical facility for JG Summit Olefins Corp.
The deal involves the expansion of a naphtha cracking facility and the establishment of a new hydrogen process plant for pyrolysis gasoline.
POSCO said the engineering, procurement and construction contract will increase JG Summit Olefin’s naphtha cracking capacity from the current 320,000 tons annually to 474,000 tons,.
Construction of the new facilities is targeted to be completed by 2020.
The facility, once completed, will have the single largest naphtha cracking facility in the Philippines.