phillipines

　「プラスチック王」の異名を持つウイリアム・ガチャリアン氏が、操業停止中のバターン・ポリエチレン（ＢＰＣ）の掌握に乗り出しているようだ。同氏は、株式約30％を保有するメトロ・アライアンス・ホールディングス・アンド・エクイティーズを通じ、ＢＰＣの債券を買い取るものとみられる。

JG Summit Petrochemical Corp., the petrochemical arm of the Gokongwei group, has revived plans to build the country’s first naphtha cracker facility, which would start commercial operations by the first half of 2008.

In a statement released over the weekend, JG Summit Petrochemical executive vice president and chief operating officer Wilfredo Paras said in the planned facility, which would manufacture raw materials for petrochemicals, would have a production capacity of 350,000 metric tons (MT) a year and would ensure a reliable and competitive source of feedstock for the company’s existing petrochemical plants.

JG Summit Petrochemical, a joint-venture between the Gokongweis’ JG Summit Holdings Inc. and Marubeni Corp. of Japan, have been signaling an interest to establish a naphtha cracker facility in the Philippines since 1997. Estimates have it that the facility would cost a minimum investment of $600 million.But the Gokongwei group decided to put on hold the project due to government’s decision to form a consortium through the Philippine National Oil Co. instead that would have spearheaded the project.
Members of this group would have included Petronas of Malaysia, the Sultan of Brunei, Petron Corp., Philippine Resins Industries, BP Amoco Plc., D & L Industries Inc., Sumitomo, Itochu, Marubeni, Mitsui & Co., Mitsubishi, Chinese Petroleum and British Petroleum.

　地場系持ち株会社メトロ・アライアンス・ホールディングス・アンド・エクイティーズはこのほどイラン国営石油化学公社の完全子会社、イラン石油化学商業（ＩＰＣＣ）からエチレン供給を受けることで覚書を交わした。

　それによれば、供給は来年から開始され、メトロ・アライアンスが運営するバターン・ポリエチレン（ＢＰＣ）で原料油として使うという。

　メトロ・アライアンスを所有する「プラスチック王」の異名を持つウイリアム・ガチャリアン氏は、操業停止中のＢＰＣの再建に取り組む方針を打ち出し、同社株83％を取得した。地元各紙によると既に撤退を決めていた英石油メジャーのＢＰとマレーシアの国営石油会社ペトロナス、住友商事からバターン州マリベレスにあるポリエチレン製造工場を３億5,000万米ドルで買収したとされる。

■石化関税引き下げを

Philippine JG Summit close to deals on naphtha cracker project

Philippine conglomerate JG Summit Petrochemical Corp expects to have in place finance and EPC agreements for its much-delayed $450-mil naphtha cracker project by the end of this year, a senior company official said Wednesday. The project has been on the drawing board since the early 1990s.

Located in Batangas, the naphtha cracker will have an ethylene production capacity of 350,000 mt/yr and would provide feedstock to the company's polyethylene and polypropylene plants.
The project, however, could face some hurdles should the government go ahead with its plan to lower import tariffs on mid-stream petrochemical products to 5% from 7-10%.

Besides JG Summit, State-run Philippine National Oil Corp had also been planned a naphtha cracker in Bataan to support the domestic petrochemical industry.
However, PNOC's project faced a major setback and was eventually suspended in 2003 when two key investors--BP and Malaysia's Petronas--pulled out of the Bataan Polyethylene Corp consortium. The cracker was to have supplied feedstock to BPC's polyethylene plant.

UOP Selected by Petron’s Bataan Refinery to Provide PetroFCC^TM Technology
Maximization of propylene production targeted to help meet demand
http://www.uop.com/pr/releases/PetronFCC.pdf

UOP LLC, a Honeywell company, today announced that Petron Corp. has selected UOP’s PetroFCC^TM technology for a major upgrade of the thermal catalytic cracking (TCC) unit at Petron’s refinery in Bataan, Philippines.
Petron, the largest oil company in the Philippines, will construct a PetroFCC complex for the production of polymer-grade propylene as part of its ongoing goal to diversify into petrochemicals production and maximize benefits from existing facilities at the Bataan refinery.

JG Summit Holdings Inc., the holding firm of the Gokongwei group, has acquired a 17.7-percent shareholding of Japanese conglomerate Marubeni Corp. in JG Summit Petrochemical Corp. and regained 100 percent of the subsidiary, JG Summit told the stock exchange.

JG Summit Petrochemical’s revenue fell 53 percent in the April-June quarter to P1.37 billion from P2.91 billion in the same period last year, with sales volume down 56 percent.

Last year, JG Summit said it would borrow as much as $475 million from multilateral sources for a naptha cracker plant it would build in Batangas City, south of Manila, to produce as much as 350,000 tons of raw materials for plastic. Company president Lance Gokongwei said the project cost was estimated at $600 million.

A naphtha cracker would boost the revenue of the petrochemical business to about $450 million a year from the present $150 million, he said.

The Philippines' Petron Corp will commission a new fluid catalytic cracker and a propylene unit at its 180,000 b/d refinery in Limay, Bataan, early in the first quarter, a company spokesman said Friday.

The startup of the new units could begin as early as January, another industry source said.

The 19,000 b/d FCC and 140,000 mt/year propylene unit are part of the $300 million Petro Fluidized Catalytic Cracker project.

Other than these two units, the PetroFCC project involves replacing an old thermo catalytic cracking unit that has been retired since July 2007 and the construction of a BTX unit.

Due to be completed by the end of this year, the BTX unit will have output capacity of 22,800 mt/year of benzene, 15,000 mt/year of toluene and 220,000 mt of mixed xylene.

State-owned Philippine National Oil Company holds 40% in Petron and Saudi Aramco another 40% while the rest is publicly owned.

Market leader Petron Corporation yesterday approved the contract award for the Engineering, Procurement and Construction (EPC) of its PetroFCC project amounting to $178.4-million. The PetroFCC project consists of the revamp of the company’s Thermofor Catalytic Cracker to a Fluidized Catalytic Cracker and a new Propylene Recovery Unit (PRU).

The project will further improve operating efficiencies at Petron’s 180,000 barrel-per-day Bataan refinery through the increased production of white products and through the extraction of the high-value petrochemical propylene. Propylene is the feedstock used in the manufacture of plastic resins that it is in turn used in the production of home electrical appliances, automobile parts, detergent additives etc.

“The approval of the contract award marks the company’s further expansion into the petrochemicals business. This complementary avenue will give us additional revenue streams that will ensure Petron’s growth and sustained profitability over the long-term,” Public Affairs Manager Virginia A. Ruivivar said.

The petrochemical market is growing faster than global GDP. Unlike the petroleum industry which has slowed in demand, petrochemical demand is projected to grow at a pace of about 5% from 2005-2015. Petrochemicals also command better regional and local prices than other petroleum products.

The PetroFCC project is part of the company’s $300-million Refinery Master Plan over the next three years that will allow it to extract petrochemicals for both the local and regional markets. The plan also includes additional refinery units for the extraction of the petrochemicals benzene and toluene and the expansion of its existing mixed xylene production capacity.

As of the third quarter of 2005, export margins, especially in Mixed Xylene, contributed more than a third of the company’s P4.78-billion net income.

The Board of Directors of Petron has endorsed the Company’s compliance with the terms and conditions of the Board of Investments (BOI) for the application of incentives for its BTX (Benzene, Toluene and Xylene) and Propylene Recovery (PRU) Projects. Earlier, the BOI approved the applications for registration of the Company as New Export Producer of Petrochemical Products (Benzene and Toluene on a Pioneer status and Mixed Xylene on a Non-Pioneer status) and as New Domestic Producer of Petrochemical Products (Propylene on a Pioneer status). Incentives include Income Tax Holidays and lower duties on the importation of capital equipment.

The PRU will produce propylene that is the feedstock used in the manufacture of plastic resins that is in turn used for making home appliances, automobile parts etc. The BTX project, meanwhile, will enable the Company to extract Benzene and Toluene as well as double its Mixed Xylene production capacity. The three petrochemicals have various applications including the production of plastics, textiles, pharmaceuticals, solvents, adhesives, food packaging etc. The new facilities are expected to be on-stream toward the end of 2007.

“Our entry into petrochemicals supports our strategy of investing in higher margin businesses which will increase our presence in the regional market,” President and CEO Khalid D. Al-Faddagh said. “Our focus in the next 5 to 10 years is to develop our refinery assets to capture the unique opportunities presented by the developments in the petrochemical industry.”

These projects are part of Petron’s $250-million Refinery Master Plan over the next five years that includes the upgrade of its present cracking unit to a Petro Fluidized Catalytic Cracker (FCC) that will increase the yield of higher value white products. Aside from the production of petrochemicals, the new units will improve cost efficiencies at Petron’s 180,000 barrel-per-day Bataan refinery and provide more flexibility in the production of environment-friendly fuels.

As of the first half of 2005, Petron’s export sales, especially in Mixed Xylene, contributed nearly a third of its net income of P2.31 billion as it continued to take advantage of favorable prices abroad.

“Given the relatively mature fuels market, petrochemical feedstock production offers a good complementary avenue for ensuring Petron’s long-term growth and profitability,” Al-Faddagh concluded.

In May of this year, Petron commissioned its $100-million Clean Air facilities which put it in a unique position of being the only oil company capable of locally producing fuels that meet the stringent qualities mandated by the law.

The Philippines' biggest oil refiner, Petron Corp, said on Wednesday it had awarded a $77.6-million construction project to South Korea's Daelim Industrial Co. Ltd..

The project, part of Petron's $300 million plus plan to expand its processing capacity, is the second contract for Daelim. The Korean firm bagged a $250-million deal to construct Petron's PetroFCC and propylene recovery unit in January 2006.

The new contract includes engineering works, procurement and the construction of process units at its refinery in Bataan, west of Manila.

The new units will expand Petron's mixed xylene production capacity to 275,000 metric tonnes from 149,000 metric tonnes now.

Petron, which supplies nearly 40 percent of the Philippines' total fuel needs, currently exports 90 percent of its mixed xylene, a petrochemical used for packaging materials.

The budget for the new project was raised from an initial $50 million.

Petron's PetroFCC project is more than 50 percent complete and is expected to be on stream by the first quarter of 2008, the company said in a disclosure to the stock exchange.

"The PetroFCC will allow the company to produce more high-value white products (gasoline) and make it the only local producer of the petrochemical grade propylene," Petron said.

The propylene recovery unit, with a capacity of 140,000 metric tonnes per year, is expected to be on stream by the middle of 2008. Propylene is used for food packaging materials and impact-resistant plastics.

Petron also said it had set aside around 60 million pesos ($1.25 million) for a coco-methyl ester project, in line with a new law, which requires refiners to blend biofuels with regular gasoline and diesel.

Shares in Petron, which is partly owned by the government and Middle East oil giant Saudi Aramco, rose 2.13 percent to 4.80 pesos on Wednesday, outperforming the main stock index .PSI which climbed 1.42 percent.

($1 = 48.05 pesos)

The Ashmore Group will acquire a 50.57 percent majority stake in Philippine oil refiner Petron after its tender offer closed on July 14, an Ashmore unit said on Tuesday.

But the London-based investment group failed to achieve 100 percent ownership of the Philippines' biggest refiner after the government, through Philippine National Oil Co., opted to hold onto its 40 percent stake.

State-run PNOC did not participate in the tender offer as the government has said it wants to sell its Petron holdings at a higher price. Ashmore's tender valued Petron at 6.531 pesos a share.

In May, local business clan the Gokongwei's offered to buy PNOC's stake in Petron at 6.55 pesos per share.

The government hopes to sell its Petron stake in the fourth quarter to help fund its budget deficit expected to reach as much as 75 billion pesos ($1 billion) this year.

SEA Refinery Holdings B.V., owned by Ashmore Investment Management Limited, agreed to buy a 40 percent stake in Petron from Saudi Aramco for $550 million earlier this year.

Last month, it offered to buy the remaining 60 percent stake, or 5.63 billion common shares, in Petron at 6.531 pesos per share or $0.146.

Under Philippine corporate laws, an entity buying 30 percent stake in any company must undertake a tender offer.

($1=44.61 Philippine peso)

State-owned Philippine National Oil Co. (PNOC) said Friday Saudi Aramco had expressed a desire to sell its entire 40-percent shareholding in oil refiner and retailer Petron Corp. and that it would evaluate the situation “to determine the best course of action."

PNOC, which owns 40 percent of Petron, made the disclosure after Petron announced that London-listed Ashmore Group had offered to buy Saudi Aramco's 3.75 billion Petron shares through its unit, SEA Refinery Holdings, for $550 million.

Saudi Aramco, , the world’s largest producer of crude oil, supplies the crude oil requirement of Petron, which accounts for about 40 percent of Philippine fuel requirements. Its unit Aramco Overseas Co. holds its 40-percent stake in Petron.

October 30, 2008 tradingmarkets.com　

San Miguel likely to buy majority stake in Petron

San Miguel, a Philippines-based food and drinks group, has evinced interest in purchasing a majority stake in oil refiner Petron, revealed media reports citing Ramon Ang, president of San Miguel.
With this purchase, San Miguel intends to spread its wings into the energy business. It is learnt that San Miguel is in talks with Ashmore Group, an investment manager, to purchase its 51% stake in Petron.

According to the Philippine Daily Inquirer, Ashmore previously bought 40% of Petron from the Saudi Aramco group and 10.57% more from minority shareholders. The investment manager has decided to exercise its right of first refusal on 40% held by the government.

When asked how much stake San Miguel is seeking in Petron, Mr Ang told Reuters that: "Yes, we want to invest more than 50%."

日揮株式会社(JGC CORPORATION)のフィリピン法人であるJGCフィリピン社（JGC PHILIPPINES, INC.）は、イタリア・テクニモント社（Tecnimont S.p.A.）の子会社であるテクニモント・フィリピン社（Tecnimont Philippines Inc.）と共同で、JGサミット石油化学社（JGSPC: JG Summit Petrochemical Corporation）から石油化学プラント建設プロジェクトを受注致しましたのでお知らせいたします。

1. 契約先　JGサミット石油化学社（JGSPC: JG Summit Petrochemical Corporation）
　　　　　（フィリピン最大のポリオレフィン製造会社であるJGサミット・ホールディングス（JG Summit Holdings Group）の子会社）

2. 建設場所　フィリピン共和国バタンガス州（首都マニラの南120km）

3. 契約内容　石油化学プラント建設に係るEPC (Engineering, Procurement, Construction: 設計、機材調達、建設工事)役務

4. 契約形態　ランプサム契約

5. 契約金額：約200億円（内、JGCフィリピン社の受注額は約70億円）

6. 納期：2020年中頃

7. プロジェクトの概要

本プロジェクトは、フィリピン共和国バタンガス州でJGサミット石油化学社が
年産25万トンの高密度ポリエチレン設備（HDPE: High Density Polyethylene）を新設するほか、
既設のポリプロピレン設備（PP: Polypropylene）を年産（19万トンから）30万トンに拡張するものです。

また本プロジェクトは、テクニモント・フィリピン社をリーダーとするテクニモント・フィリピン社とJGCフィリピン社で構成されるジョイント・ベンチャー（テクニモント・フィリピン社：65%、JGCフィリピン社：35%）で遂行してまいります。

東南アジアでは、人口増加や中国の旺盛な需要を背景に多くの石油化学プラントが計画されています。当社としては、現地子会社との協力を通じて、今後も成長が見込まれる東南アジア地域における石油化学会社のビジネス拡大を積極的に支援するとともに、同地域の更なる産業発展および生活基盤の向上に貢献してまいります。

JG Summit Petrochemicalは1998年4月に JG Summit Holdings 80%/丸紅20%のJVとして設立された。
BatangasにPE（HDPE/LLDPE) 175千トン（現在 200千トン）、PP 180千トンプラントを建設した。

丸紅はその後、出資比率を17.72%としたが、2007年に撤退し、JG Summit Holdingsの100%子会社となった。

JG Summit Olefinsは、同国最初のナフサクラッカーとして、6年間（2014年1月から）の免税など、税務上その他の恩典を受ける。

Dole Philippinesにおけるパイナップル残渣を活用したバイオガス発電への取組について

伊藤忠商事のグループ会社であるDole Philippines Inc.は、Metro Pacificグループ傘下のSurallah Biogas Venture Corp.と16年間の長期エネルギー売買契約を締結しました。これは、Dole商品の製造過程で生じるパイナップル残渣をバイオガスの原料としてDole PhilippinesからSBVCに供給し、製造されたバイオガスを電力としてSBVCからDole Philippinesが買い取るものです。本取組を通じて、再生可能エネルギーの活用を通じた環境負荷の低減とDole Philippinesの電力コスト削減を図って参ります。

伊藤忠商事は、2013年4月、世界最大の青果物メジャーである米国Dole Food Company Inc のアジア青果物事業とグローバル加工食品事業を買収した。

本取組のパートナーであるMetro Pacificグループは、フィリピンで電力・水道・病院・高速道路などを運営する大手企業グループです。同社傘下のSBVC社がバイオガス発電設備を建設し、2020年の操業開始以降ガスと電力を固定価格でDole Philippinesに16年間に渡り供給するスキームとなっています。フィリピン・ミンダナオ島では電気料金が高騰しており経営課題の一つとなっていますが、本取組が実現すればこれらの解決にも寄与することが期待されます。

また、伊藤忠商事は中期経営計画「Brand-new Deal 2020 いざ、次世代商人へ」の中で「エネルギーの最適な利用と供給」「テクノロジーを活用した経営の生産性向上」を掲げており、本取組はこれらに合致するものです。サステナビリティ推進の観点からも非常に有意義な取組であると考えており、これらの事業活動を通じて、循環型社会の構築に積極的に取り組んで参ります。

会社名	Suralllah Biogas Venture Corp.
代表者	Karim Manuel G. Garcia
本社所在地	10/F NET ONE CENTER 26^TH COR 3^RD AVE. BGC TAGUIG, METRO MANILA
設立	2017年11月22日
事業概要	食品残渣を原料としたバイオガス製造事業及びバイオガス発電事業
株主構成	MetPower Venture Patners Holding Inc 78,749,995株 Karim Manuel G.Garcia 1株 Ricardo M. Pilares III 1株 Jane Catherine C. Rojo 1株 Ma.Cecilia B.Jimenez １株 Kris Anne Rhea B. Arasula １株

メーカー	立地	製品	Capacity
JG Summit Olefins	Batangas	エチレン	320,000t	--- 　 ↓
JG Summit Olefins		プロピレン	190,000t	--- 　 ↓
JG Summit Petrochemical		PE(HD/LL)	200,000t	→ 320,000t
JG Summit Petrochemical		PP	180,000t	→ 190,000t

Ashmore Group to buy Saudi Aramco's stake in Petron

Dole Philippinesにおけるパイナップル残渣を活用したバイオガス発電への取組について