DUBAI: A Dubai-based oil company is in talks to develop a $5 billion Energy City project in the Philippines, it has been reported.

According to the Malaya Business Insight, the project will be developed by Kampac International in Southern Luzon.

Charles Ampofo, chairman of Kampac, said in a speech at the 39th Philippine Business Conference that the project which will take five years to complete will include a LNG (liquefied natural gas) plant, and a petrochemical facility.

Upon completion, the project would employ between 8,000 and 10,000, the paper quoted Ampofo as saying.

It added that the company had decided to invest in the Philippines due to good governance that gives investors confidence.

Ampofo also cited the geographic location of the Philippines being in the middle of other growing economies in the region as a major edge.

"You do not need an economist (to realise) that if you want to invest in a place which has potential , the Philippines presents a better location," Ampofo was quoted as saying.

Ampofo also said a country needs a strong petrochemical industry. "I can guarantee that investors would locate here because the raw materials are here," Ampofo said.

Ampofo earlier signed a memorandum of agreement (MOA) with the Philippine Chamber of Commerce and Industry and had communicated his plan in separate meetings with President Aquino and Vice President Jejomar Binay, the paper added.

The company, which has an annual turnover in excess of $3 billion, is engaged in oil and gas trading, exploration and production, refining, oil Infrastructure development.

By gulftoday.ae/

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