A Dubai-based investor group is keen to make investments in a refinery or a petroleum plant inside an industrial park in Bataan of the Philippines intended for turning into its regional hub.This move is likely to be beneficial for the Philippines via huge arrivals of investment, and most significantly, it will also facilitate the country to have sufficient fuel provisions. Finally, the Dubai firm s arrival might equip the country to trade and export finished petroleum products to bordering nations.
There are very serious discussions with this group that will fit into the profile of something we re interested in, which is petroleum. This investor will put up resources so we ll have more crude oil in the country, stated Jose Rene D. Almendras, the Energy Secretary of the country.
But, Almendras has kept the company s name secret subsequent to the inking of memorandum of agreement and a non-disclosure deal with the investor of Dubai. Meanwhile, agreements are currently being arranged to settle on the lease of around 100 hectares of land inside the industrial park of PNOC Alternative Fuels Corp. in Bataan.
The only industries that would fit in the PNOC AFC industrial park are petroleum and petrochemicals. Hopefully, contracts will be signed in the next few months. I ve been working on this for a year and three months, stated he. Almendras has added that subsequently the Government of the Philippine has been putting efforts to build up the aforesaid park in order to accommodate the worldwide investors.
The yet-to-be-inked agreements will only be chiefly in favor of leasing, in view of the Dubai group s focus in the location for constructing its petroleum plants, stated Almendras.
He added, They chose the Philippines because of its geographic location, which is really my marketing pitch because the Philippines is in a strategic location in the region. In the oil industry, if you want to be competitive in the market, you have to be very efficient. Logistics is the name of the game for fuels.
Almendras, without divulging the details, has remarked that the Dubai-based publicly listed investor group is the lone entity that made direct commitment to introduce a trailblazing theory in the international petroleum business.
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