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Posco E&C clinches 220 bn won petrochemical plant deal in Philippines

Collected: 2017.11.05

Distributed: 2017.11.06

Source: Go Direct

(From left) Posco E&C CEO Han Chan-kun and JG Summit Holdings Chairman & CEO James L. Go are signing a 220 billion won worth of contract to build a petrochemical plant in the Philippines. [Picture by Posco E&C]

South Korea’s Posco Engineering & Construction Co. (Posco E&C) bagged a 220 billion won ($197 million) worth of deal to build a petrochemical plant in the Philippines.

Posco E&C said on Sunday that it has won a petrochemical contract as an EPC (Engineering, procurement and construction) deal to ramp up the existing Naphtha Cracking Center (NCC) and newly establish a second stage pygas hydrogenation unit for JG Summit Olefins Corp., a petrochemical company in the Philippines.

The project aims to expand the capacity of NCC to 474,000 tons per year from 320,000 tons and build a new second stage pygas hydrogenation unit at a petrochemical complex in Simlong, Philippines, about 120 kilometers south of the capital Manila. The Philippine company will inject 220 billion won in the project to finish it by 2020.

The NCC is a facility to produce ethylene and propylene, the base materials for petrochemistry by cracking, quenching and compressing Naphtha, which can be obtained by refining crude oil. Once completed, the plant will crack the largest amount of Naphtha in the Philippines.

By Kim Gang-rae and Lee Ha-yeon

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