San Miguel Corp to invest almost US$20 mln in new petrochemical facility in south of Manila

14-Jun-17

San Miguel Corporation (SMC), the parent firm of the country's biggest oil refiner and retailer, is set to break ground on its single biggest investment in the Philippines so far: a new petrochemical facility worth US$15-20 bln (P745.46 - P993.95 bln) in the south of Manila. SMC president and chief operating officer Ramon Ang said his company, along with two foreign partners, plans to break ground in the next 6 months. "We have signed a non-disclosure agreement with them so we cannot say further. But what I can tell you is that it will be integrated – from crude oil to petrochemicals," Ang told reporters after SMC's annual stockholders' meeting in Pasig City on Tuesday, June 13.

Ang said the oil refinery will mainly produce petrochemicals, with a capacity of 250,000 bpd. Construction period for the greenfield project will take 2 to 3 years. SMC is looking at 30% equity and 70% loan for project financing.