Boston, MA -- (SBWIRE) -- 07/07/2014 -- The commencement of operations at JG Summit's cracker project in Q214 will integrate downstream polymers production with a domestic feedstock source, enabling the Philippines' petrochemicals industry to become more competitive, according to BMI 's latest Philippines Petrochemicals Report.

The new naphtha cracker includes production capacities of 320,000 tonnes per annum (tpa) ethylene, 189,000tpa of propylene, 218,000tpa of pyrolysis (biomass) gasoline, 150,000tpa of fuel gas and 28,000tpa of fuel oil. The output from the cracker plant is to be sold or transferred to JGSPC's polyethylene (PE) and polypropylene (PP) plants, while the pyrolysis gasoline will be exported. This is to result in the full utilisation of the company's PP plant with a capacity of 185,000tpa, and increase the capacity of its PE plant to 300,000tpa.

In Q114, the Philippines' value of production index (VaPI) for basic chemicals and industrial gases declined 11.5% year-on-year (y-o-y) following growth of just 0.8% in 2013. However, the VaPI for rubber and plastic products grew 14.0% and 24.3% y-o-y, respectively, after declines of 5.6% and 1.7% in 2013. Plastics output volumes have been adversely affected by JG Summit Petrochemicals Corporation (JGSPC) taking its PE plant offline for expansion and temporarily shutting its polypropylene (PP) plant for upgrades.

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- Petron is proceeding with plans to upgrade its refinery to include a fluid catalytic cracker (FCC), with PP production capacity of 250,000tpa from 2014. The production of speciality chemicals and PP is likely to grow as Petron sets up new petrochemicals plants in the country.
- We are forecasting real GDP growth of 6.3% for the Philippines in 2014, as we expect domestic demand to remain strong and export sector growth to see a modest rebound this year. While we are optimistic about its growth prospect, we remain wary of any renewed global volatility that will pose downside risks to our growth forecast. This should help sustain the...

The Philippines Petrochemicals Report has been researched at source, and features Business Monitor International (BMI)'s market assessment and independent forecasts for key petrochemicals sub-sectors. The report also analyses the impact of regulatory changes, recent developments and the background macroeconomic outlook and features competitive landscapes comparing companies by products and services, sales, market share, investments, projects, partners and expansion strategies.

BMI's Philippines Petrochemicals Report provides industry professionals and strategists, sector analysts, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the Philippine petrochemicals industry.

Key Benefits

- Benchmark BMI's independent petrochemicals industry forecasts to test other views - a key input for successful budgetary and planning in the Philippine petrochemicals market.
- Target business opportunities and risks in the Philippine petrochemicals sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Philippines.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI's key industry forecasts, views and trend analysis, covering petrochemicals markets, regulatory changes, major investments, projects and company developments.

Market Overview

Structure, size and value of the industry sector; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.

Business Environment Ratings

BMI's Petrochemicals Business Environment Ratings provide a country-comparative Risk-Reward Ratings index aimed at investors (both corporate and financial) in the regional petrochemicals market.

The ratings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Ratings products.

Industry Trends & Developments

Evaluation of company and sector-wide developments, including key projects (as well as expansion plans), latest company financial details and proposed international ventures.

BMI Industry Forecasts

Historic data series (2009-2012) and forecasts to end-2018 for all key industry and economic indicators supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

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