US Oil company is eyeing to invest $4 Billion in the Philippines

OS Petro a United States-based oil and gas exploration and production firm is eyeing to invest USD4.0 billion or about PHP200 billion in the Philippines.

Philippine Economic Zone Authority (PEZA) Director General Charito Plaza told reporters Wednesday OS Petro is eyeing for onshore and offshore oil and gas facility and refinery, particularly in one of the islands offered by private land owners.
 

OS Petro is eyeing for onshore and offshore oil and gas facility, just like the Malampaya Oil Refinery operated by Shell just off Palawan(photo credit to the owner)

“They will invest USD400 million per block. So, they need 10 blocks; that’s USD4.0 billion,” said Plaza.

She said representatives of OS Petro will visit the country in July this year.

Prior to the U.S. company, Plaza said oil companies in the Middle East also have plans of putting up their refinery and depot facilities in the islands of the country.

Moreover, the PEZA chief recently visited the U.S. to invite investors to explore opportunities in the Philippines.

“When we were in the USA, we were able to meet halal industries of America, and they will be inviting all the halal industries of the world to invest in the Philippines,” she said.
(Philippine News Agency)

PEZA – investments continues to come in

President Rodrigo Roa Duterte’s administration seems to be pushing the right buttons in terms of attracting much needed investments for the countrys development. Investment pledges registered by the Philippine Economic Zone Authority (Peza) went up 50.51 percent in the first quarter.

PEZA, recorded P51.34 billion worth of investment pledges from January to March, up from P34.11 billion in the same period last year. The private sector is one of the prime movers as to why first-quarter pledges increased. The development of lands by the private sector to major ecozones on top of locators in the IT and manufacturing industry.

Reports reaching PEZA are positive and encouraging since these Filipino ecozone developers were still looking to develop more areas in the country.