Jurong Aromatics teeters on the brink of bankruptcy

It's in debt restructuring talks.

Jurong Aromatics Corp., operator of one of the world’s largest petrochemical plants, can’t service its interest payments and is negotiating a debt restructuring with bankers amid a plunge in oil prices, a report by Bloomberg said.

Operations at the $2.4 billion plant have been stalled since December as the Singapore-based group remains locked in talks with lenders including BNP Paribas SA and Standard Chartered Plc, as well as suppliers Glencore Plc, BP Plc and SK Energy Co., the people said, asking not to be identified because the details are private.

Production began in September last year, according to Jurong Aromatics’s website, and the plant was targeting to produce 1.5 million tonnes of aromatics and 2.5 million tonnes of transportation fuels per annum.

Read the full report here.