2014-02-07 23:59:02 - Philippines Petrochemicals Report Q1 2014 - a new market research report on companiesandmarkets.com
The Philippine petrochemicals market continues to grow at a strong rate, assisted by economic growth and domestic consumption. However, this is likely to benefit imported petrochemicals which, in spite of planned expansion in the petrochemicals sector, will continue to grow as a proportion of total domestic sales over the long term.
JG Summit Petrochemical Corporation (JGSPC) is building the country´s first naphtha cracker plant - with 320,000tpa ethylene capacity - which is set to open from Q114. The development of olefins sources will overcome the main weakness in the Philippine petrochemicals industry, which is dependent on imported ethylene and propylene, as well as aromatics and their derivatives. Domestic supply of olefins feedstock should improve the competitiveness of downstream industries at a
time when BMI expects a recovery in regional and global demand. There is potential to double capacity at the site. While capacity is modest by global standards, it does ensure that the Philippine petrochemicals industry will have a future, with potential for further investment and diversification.
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