Banks Agree Funding for Jurong Aromatics Plant
Royal Bank of Scotland and ING have agreed a debt package of $1.56bn for Jurong Aromatics' new petrochemicals project in Singapore.
The funds will be used to build the $2.4bn project, which will include a condensate splitter and aromatics facility on Jurong Island.
The plant will have an annual production capacity of 1.5 million tons of aromatics and 2.5 million tons of fuel.
Construction will start in early 2011 and the plant is expected to start full production in 2014, according to financeasia.com.
The plant was initially scheduled to begin operations in 2011, but has been delayed by three years due to financial bottlenecks.