Salim to join RP group<\/p>\n
MANILA (Reuter): Indonesia's largest conglomerate, the Salim
\nGroup, is eying a stake in the proposed US$500 million naphtha
\ncracker project of the Philippine National Oil Co-Petrochemical
\nDevelopment Corp (PPDC).<\/p>\n
"They are looking at a 5 to 10 percent stake in the naphtha
\ncracker project," Antonio Garcia, chairman of Petrochemicals Corp
\nof Asia Pacific (Petrocorp) told Reuters.<\/p>\n
Petrocorp is a consortium which is also eying a 10 to 15
\npercent stake in the naphtha project. Garcia said the Petrocorp
\nboard approved its participation in the project last week.<\/p>\n
Other companies which earlier expressed interest to be part of
\nthe consortium that will put up the plant are Petron Corp,
\nBritish Petroleum, Sumitomo Corp, Foster Wheeler, Itochu Corp of
\nJapan, and a local consortium Bataan Polyethylene Corp.<\/p>\n
Roberto Garcia, PPDC president, told Reuters that there will
\nbe a joint announcement by PPDC and Petron in November regarding
\nthe naphtha project. He declined to elaborate. Petron is being
\noffered the biggest stake in the naphtha project at 35 percent.<\/p>\n
The naphtha cracker with a capacity of 500,000 tons a year is
\nslated to be ready for commercial operation by the year 2000.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/salim-to-join-rp-group-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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