Manila: A Dubai firm is investing billions in the Philippines in a bid to develop the archipelago as an oil distribution hub for the ASEAN region.
Kampac Oil Middle East, a subsidiary of Kampac International, is spending $5bn to build a 200-hectare energy city in Sual in Pangasinan.
The site will be turned into a giant oil-storage tank farm facility which will also include an oil refinery. The company anticipates around 10,000 people will be employed at the facility once it is up and running.
As part of the plans, Kampac is also building a port, scheduled for completion in early 2016. Contracts for the port construction have been awarded to F.F. Cruz Construction and EEI Construction Corp.
Plans for the site include a refining capacity of 1m barrels of oil a day, a petrochemical plant with an annual capacity of 1.5m tons, a storage capacity of 50m barrels of oil, a re-gasification plant, and 10 km of pipelines. [02/10/14]