After two years of waiting, the $2 billion (1.4 billion) petrochemical development is finally on its way to being constructed. The Jurong Aromatics Corporation (JAC) had to put building plans on hold after the global financial meltdown of last year made funding the project difficult.
With oil major BP on board to help with project financing, as well as other shareholders, the complex is due commence construction in March, on Jurong Island, located to the southwest of Singapore.
The new shareholders have resulted in some shifting in the ownership of JAC, although no details have been released.
Despite claims that JAC may not be able to reach financial closure by March, the compound is expected to take 36 to 40 months to build.
It will be in action by the middle of 2013 and will produce 1.5 million tonnes of petrochemicals every year, including 800,000 tonnes of paraxylene, 200,000 tonnes of orthoxylene and 450,000 tonnes of benzene.