GOKONGWEI-LED conglomerate JG Summit Holdings, Inc. Is spending P48.2 billion ($960 million) this 12 months to fund the expansion of its organizations which includes in petrochemicals.
Of the total quantity, JG Summit is allocating about P18 billion to P20 billion for its airline enterprise, Cebu Air, Inc.; P7 billion for its food unit Universal Robina Corp.; P15 billion for Robinsons Land Corp.; maximum of the remainder for its petrochemicals enterprise JG Summit Petrochemical Corp.; and “a few hundred million” for its banking unit Robinsons Bank, President Lance Gokongwei said.
“[For petrochemicals], we’re preparing the invitations to bid so we assume, we're searching for clarifications now from providers. We count on basically to award the primary packages,” Gokongwei informed newshounds following the company’s annual stockholders’ assembly held overdue Tuesday.
“There are five initiatives here—one is enlargement of our naphtha cracker, the second is growth for the polypropylene plant, the 1/3 is a state-of-the-art polyethylene factory, the fourth is an aromatics manufacturing facility, the 5th is a butadiene plant—so these 5 packages might be presented to EPCs [engineering, procurement, and construction contractors] by the give up of the 12 months,” he added.
The conglomerate is shelling out $seven-hundred million for the petrochemicals business, with the new tasks targeted to be operational by 2021.
Of the total quantity, JG Summit is allocating about P18 billion to P20 billion for its airline enterprise, Cebu Air, Inc.; P7 billion for its food unit Universal Robina Corp.; P15 billion for Robinsons Land Corp.; maximum of the remainder for its petrochemicals enterprise JG Summit Petrochemical Corp.; and “a few hundred million” for its banking unit Robinsons Bank, President Lance Gokongwei said.
“[For petrochemicals], we’re preparing the invitations to bid so we assume, we're searching for clarifications now from providers. We count on basically to award the primary packages,” Gokongwei informed newshounds following the company’s annual stockholders’ assembly held overdue Tuesday.
“There are five initiatives here—one is enlargement of our naphtha cracker, the second is growth for the polypropylene plant, the 1/3 is a state-of-the-art polyethylene factory, the fourth is an aromatics manufacturing facility, the 5th is a butadiene plant—so these 5 packages might be presented to EPCs [engineering, procurement, and construction contractors] by the give up of the 12 months,” he added.
The conglomerate is shelling out $seven-hundred million for the petrochemicals business, with the new tasks targeted to be operational by 2021.
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