Philippines in refinery project with Mitsui, Itochu and Daelim

Jan 31, 1997 01:00 AM

Philippine National Oil Co. (PNOC), has decided to implement an oil refinery in Limay on the Bataan Peninsula, the Philippines, together with Japan's Itochu Corp. and Mitsui & Co. The Philippines has been the only nation in the ASEAN countries that has no petrochemical industry as yet; downstream plants now under construction are scheduled to be completed by year-end, ahead of construction of a petrochemical complex. PNOC plans to construct, as a first step, a 200,000 bpd refinery via Petron, an oil refining firm controlled by PNOC. It is projected to cost about $ 110 mm. Itochu and Mitsui & Co. will invest in the refinery project and South Korea's Daelim Industrial Co. will undertake engineering of the refinery. The refinery will be for the nation's first petrochemical complexes, each of $1 billion scale, that PNOC is now planning at two sites - Batangas in the south of Manila and Limay on the Bataan Peninsula. The Batangas project, which Thai Petrochemical Industry may join, is planned to havea 400,000 tpy ethylene plant, and the Rimay one, for which foreign investment will also be invited, may have a 230,000 tpy ethylene plant. It is now certain, however, that the two complexes will actually be constructed in view of the size of the Philippine petrochemical market and other relevant factors.
Ahead of the refinery and naphtha cracker construction, a joint 200,000 tpy PP plant and a joint 200,000 tpy L-LDPE/HDPE plant are now under construction, with completion set for the year-end. Last October a 200,000 tpy PP plant by joint foreign investment was completed in Maribeles, Luzon. The PP and PE plants being constructed are located in Batangas. In addition, a joint 70,000 tpy PVC project is planned, with completion targeted for 1998-end.

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