Jurong Aromatics launches $1.56 billion debt package

After a three-year delay, the Singapore-based company launches a $1.56 billion debt package with strong support from Korea. Construction of the aromatics and fuel plant is expected to start in 2011.

After a delay due to the credit squeeze caused by the financial crisis, a $1.56 billion financing package for Jurong Aromatics' new petrochemicals project in Singapore was finally launched last week by coordinating banks ING and Royal Bank of Scotland. The borrower is being advised by ING.

The $2.4 billion project involves the development of a condensate splitter and aromatics facility on Jurong Island, which will have an annual production capacity of 1.5 million tonnes of aromatics and 2.5 million tonnes of fuel. Construction is scheduled to start in early 2011 and the plant is expected to come on stream in 2014.

The plant was initially meant to begin operations in 2011....

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