Daelim inks US$317 mln deal to build a petrochemical plant in Philippines

11-Apr-11

South Korea's Daelim Industrial Co Ltd said in a regulatory filing that it had signed a US$317 mln deal to build a petrochemical plant in Limay, Bataan, under a deal with Petron, the Philippines' largest oil refining firm. Daelim plans to complete the plant by November Philippines is one of the few among ASEAN countries without an integrated petrochemical industry. Currently, the Philippines' petrochemicals industry is dependent on ethylene imports, thus is vulnerable to external factors, particularly exchange rate fluctuations.