Blacksnow 4th Gear October 1, 2015 Author Share October 1, 2015 any other big companies packed up and left in the past few months? ↡ Advertisement Link to post Share on other sites More sharing options...
Karoon Turbocharged October 1, 2015 Share October 1, 2015 (edited) fasten your seat belt brace! brace! brace! hope the big bang doesn't come Singapore's $2.4 Billion Petrochemical Plant Gets Receiver Andrea Tan Christopher Langner September 29, 2015 8:21 PM SGT Updated on September 30, 2015 5:24 PM SGT Jurong Aromatics Corp., operator of one of the worlds largest petrochemical plants, has been pushed into receivership after debt-restructuring talks stalled amid faltering demand for commodities. Restructuring firm Borrelli Walsh has been appointed the receiver of the $2.4 billion plant on Singapores Jurong Island, according to a filing dated Monday with the citys Accounting & Corporate Regulatory Authority. Jurong Aromatics, whose shareholders include South Koreas SK International Investment and Glencore Plc, hasnt been able to service interest payments amid a plunge in oil prices, and operations have been stalled since December, people familiar with the matter said last month.n a boost to the citys reputation as a leading chemical hub. The company had $1.53 billion in liabilities and $68.7 million of accumulated losses as at the end of 2013, according to the companys latest available financial records. BP, Glencore and SK Energy have secured claims against the firm, while BNP Paribas led a $1.73 billion loan facility in 2011 that has yet to be repaid, the records show.with the Accounting & Corporate Regulatory Authority show. Does anyone know what normally happens in a receivership of this scale and industry? Doesn't seem to make sense to scrap and liquidate. Lower oil prices may mean higher margins for aromatics as oil is their raw material. Could they appoint someone to run it and business as usual? Edited October 1, 2015 by Karoon Link to post Share on other sites More sharing options...
Enye Hypersonic October 1, 2015 Share October 1, 2015 Does anyone know what normally happens in a receivership of this scale and industry? Doesn't seem to make sense to scrap and liquidate. Lower oil prices may mean higher margins for aromatics as oil is their raw material. Could they appoint someone to run it and business as usual? can find buyer with expertise to run and see value in the hardware then lose lesser...heng ah otherwise sell to garang guni man then tng kor need to repay the debt lah Link to post Share on other sites More sharing options...
Sdf4786k Twincharged October 2, 2015 Share October 2, 2015 any other big companies packed up and left in the past few months? from recent memory is Barclay Bank.. restructuring by SCB partly own by termasek Credit Sussie Deutche bank local bank picking up from the exodus of those Link to post Share on other sites More sharing options...
Forte3737 5th Gear October 2, 2015 Share October 2, 2015 More job losses to come? Link to post Share on other sites More sharing options...
Ichibawa 5th Gear October 2, 2015 Share October 2, 2015 Every week there are announcement of companies cutting jobs. Link to post Share on other sites More sharing options...
Nolicense Turbocharged October 2, 2015 Share October 2, 2015 Does anyone know what normally happens in a receivership of this scale and industry? Doesn't seem to make sense to scrap and liquidate. Lower oil prices may mean higher margins for aromatics as oil is their raw material. Could they appoint someone to run it and business as usual? No much future for this plant. mainly for the polyester fibres. the spread for the PX and polyester is too narrow. most countries don't have machinery to spin yarn, most are spun in china. the TPP may change that but the TPP is still far. even so there are ways around it. jobs wise I remember is only a few hundreds. quite technical and definitely cannot all fill by local. so low impact on local jobs. Link to post Share on other sites More sharing options...
Enye Hypersonic October 2, 2015 Share October 2, 2015 No much future for this plant. mainly for the polyester fibres. the spread for the PX and polyester is too narrow. most countries don't have machinery to spin yarn, most are spun in china. the TPP may change that but the TPP is still far. even so there are ways around it. jobs wise I remember is only a few hundreds. quite technical and definitely cannot all fill by local. so low impact on local jobs. you work in petchem industry? Link to post Share on other sites More sharing options...
Nolicense Turbocharged October 2, 2015 Share October 2, 2015 you work in petchem industry? its a very big and diverse area.. so in a way ... yes.. LOL Link to post Share on other sites More sharing options...
Cavver 4th Gear October 2, 2015 Share October 2, 2015 No much future for this plant. mainly for the polyester fibres. the spread for the PX and polyester is too narrow. most countries don't have machinery to spin yarn, most are spun in china. the TPP may change that but the TPP is still far. even so there are ways around it. jobs wise I remember is only a few hundreds. quite technical and definitely cannot all fill by local. so low impact on local jobs. How about those suppliers, vendors ,sub con supporting them ? Link to post Share on other sites More sharing options...
Nolicense Turbocharged October 2, 2015 Share October 2, 2015 How about those suppliers, vendors ,sub con supporting them ? for sub con and vendors: plant already built. no new build to speak of. maintenance spending no more. for suppliers: condensate suppliers? usually the majors. and the share holders, you know which major, can just rely on their plants for fuels. JAC mainly for the aromatics really even the energy cost in JI is too expensive. those in the industry will know 1 Link to post Share on other sites More sharing options...
Enye Hypersonic October 2, 2015 Share October 2, 2015 for sub con and vendors: plant already built. no new build to speak of. maintenance spending no more. for suppliers: condensate suppliers? usually the majors. and the share holders, you know which major, can just rely on their plants for fuels. JAC mainly for the aromatics really even the energy cost in JI is too expensive. those in the industry will know Wah JAC upstream downstream all covered Plus maintenance and even energy cost you also know Must be insider 😂 Link to post Share on other sites More sharing options...
Cavver 4th Gear October 3, 2015 Share October 3, 2015 really even the energy cost in JI is too expensive. those in the industry will know I was told energy market oversupply? So many retailers lelong their energy packages. Link to post Share on other sites More sharing options...
Jamesc Hypersonic October 3, 2015 Share October 3, 2015 I was told energy market oversupply? So many retailers lelong their energy packages. Oversupply? Please tell them not to throw away. Can just send to my home and I will use it. 2 Link to post Share on other sites More sharing options...
Duckduck Turbocharged October 4, 2015 Share October 4, 2015 No much future for this plant. mainly for the polyester fibres. the spread for the PX and polyester is too narrow. most countries don't have machinery to spin yarn, most are spun in china. the TPP may change that but the TPP is still far. even so there are ways around it. jobs wise I remember is only a few hundreds. quite technical and definitely cannot all fill by local. so low impact on local jobs. there are MANY technical jobs here which many locals cant or wont apply... wats the pt of garmen setting all these big coys here but cannot hire or create local jobs? 2 Link to post Share on other sites More sharing options...
Tedlhw 5th Gear October 4, 2015 Share October 4, 2015 from recent memory is Barclay Bank.. restructuring by SCB partly own by termasek Credit Sussie Deutche bank local bank picking up from the exodus of those These 4 packed up and left? Are you sure? Link to post Share on other sites More sharing options...
Nolicense Turbocharged October 4, 2015 Share October 4, 2015 I was told energy market oversupply? So many retailers lelong their energy packages. not referring to electricity. you talking about wholesale electricity bidding? Link to post Share on other sites More sharing options...
Nolicense Turbocharged October 4, 2015 Share October 4, 2015 there are MANY technical jobs here which many locals cant or wont apply... wats the pt of garmen setting all these big coys here but cannot hire or create local jobs? the point is not about putting in a citizen workforce. you can get any worker from any country. the point is Singapore's real estate is getting the highest prices for its rental. I think I came across before some comment attributed to the chief land surveyor, said something like "every sq foot of land is Singapore is worth orchard road psf rental"... something to that effect. (can't rem where or if true sorry) as for the locals, whether they are qualified for the jobs... if it is a greenfield project, in the 60s, many things were new and anyone with hard work and related experience can and will be trained. today, no such appetite for training locals because they tend to job hop, or the local tertiary engineering education is just teaching most of the "wrong" things. I think the gahmen got it fatally wrong when they retrained their economic policies for services industry. they though services industry meant finance and other button pushing jobs. actually industry and trade use a lot of technical people for services (trade related services to be specific) but these all went to people with no technical background. instead they hired fresh grads and even people from biz ad type degrees.. people without actual engineering and field experience to do the gate keeper and management jobs. the experienced people remain stuck in the plant instead of providing the technical services. mostly because the trade related services were more about contracts, prices and finance, HR people think they should hire non-technical people to do. Disclaimer: the views expressed are my own and may be wrong. feel free to disagree. ↡ Advertisement 1 Link to post Share on other sites More sharing options...
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