Kampac Oil Middle East of Dubai, a division of Kampac International Plc., is investing $5 billion to transform a 200-hectare property in Sual, Pangasinan into an “energy city,” a source said over the weekend.
The source said Kampac Oil asked the Philippine Chamber of Commerce and Industry for assistance to facilitate the investment. Kampac chairman and chief executive Charlie Ampofo earlier abandoned a plan to locate in Laguna, after meeting difficulty in consolidating the required property for the project.
FF Cruz and Co. Inc and EEI Corp. won the bidding for the construction of a port in Sual that is expected to break ground by March 2015.
The port complex is expected to be operational by early 2016, as soon as construction is completed by December 2015.
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“The port will be developed first because it is crucial for the oil refinery complex. Ampofo will bring in oil and refine it in Sual for domestic and export markets,” the source said, citing Sual’s strategic location for oil import and export business.
Kampac Oil plans to distribute and sell oil in the Asean region, with the Philippines as the distribution hub in Asia.
The proposed super oil storage tank farm facility fits well into the government plan to locate all oil storage facilities outside Manila, the source said.
Part of the project includes the development of a township and an oil refinery facility.
Kampac will hire about 10,000 to 14,000 workers, once the project is completed.
Kampac is an international oil company with diversified activities including oil exploration and trading, and other allied businesses worldwide.
Kampac International PLC is the holding company of Kampac Oil with stakes in companies such as Kampac Properties, Kampac Resources, Kampac Flora, Kampac Telecom and Kampac Travel & Tours.
The Kampac Group was established in 1988. From its modest beginning, the group has seen a steady growth over the last decade and now has 17 offices in 13 countries around the globe.
It is listed in the Frankfurt Stock Exchange and generates annual revenues of $3.4 billion.
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