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Article: India: Lack of project financing delays US$2.4 bln petrochemical investment in Jur...
- Article from:
- TendersInfo
- Article date:
- October 16, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Mamta03
A US$2.4 bln petrochemical investment planned by Jurong Aromatics Corporation (JAC) has not been able to close its project financing, and has hence been delayed. Lack of financing is an upshot of the global financial crisis, and has taken its toll on the complex, construction for which had earlier been planned to commence by the year-end. JAC is 60% owned by Jurong Energy Corporation - a group led by Vijay Goradia and M Y Ling, both founding members of the Continental Chemical Group. Swiss trader Glencore, South Korean SK Energy and Kuwait's Ikarus Petroleum each hold 10%, Jiangsu Sanfangxiang Industrial Group (China's largest polyester producer) ...
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