Metro Alliance, owned by businessman William T. Gatchalian, acquired 100 percent ownership of BPC by way of debt and equity purchase. BPC was formerly owned and operated by the consortium of British Petroleum of UK, Petronas of Malaysia, Sumitomo of Japan and some local investors.
"The partnership between Metro Alliance and Pan Pacific is a big boost in reviving the country’s petrochemical industry, one area that has been staying quite long in the waiting list of restoration. We have high hopes we can pull this through," Energy Secretary Vincent S. Perez said.
Perez said the re-commissioning and eventual operation of the Bataan polyethylene plant is crucial in the government’s thrust to revitalize and strengthen the mid-stream petrochemical industry.
Metro Alliance said the funds to be initially made available will cover the cost of re-commissioning the Bataan polyethylene plant and the purchase of start-up feedstock to prepare it for operations.
The Bataan polyethylene plant has a rated capacity of 275,000 metric tons per year (MTPY) and expandable to MTPY using the award-winning BP innovene gas phase process, which processes the polyethylene resin for distribution to local plastic manufacturers. It was decommissioned in 2003.