Jurong Aromatics Seeks Loan for Singapore Plant

Jurong Aromatics has announced that it plans to borrow $1.56bn to finance the construction of a petrochemical plant on Jurong Island, Singapore.

The loan will be arranged by ING Groep NV and Royal Bank of Scotland Group, and includes $1.22bn of loans that were syndicated to a group of nine additional lenders.

The Jurong Aromatics project is owned by South Korea's SK Group, Chinese polyester-maker Jiangsu Sanfangxiang Group and Swiss commodities supplier Glencore International, along with other investors.

The $2.4bn petrochemicals plant is expected to start operations in 2014, according to Bloomberg.