Business & Economy

Dubai firm mulls oil depot facility

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Dubai-based Kampac Oil Middle FSZO Inc. is finalizing billion dollar investments for a super oil depot in the country outside of the Pandacan area to serve as its oil supply hub for domestic distribution as well as for the export market.

 

An industry official privy to the plan told reporters that Kampac Oil chairman Charles Ampofo has already met with President Aquino and vice-president Jejomar Binay about his huge investment plan for the Philippines.

Ampofo has also signed a memorandum of agreement with the Philippine Chamber of Commerce and Industry for a possible participation in the project.

“This company which has $3.4 billion in annual revenue would be spending billions of dollars for this huge project,” said the source adding that aside from the oil depot and distribution business, the company may also put up an oil refinery here as an offshoot of that investment.

According to the source, Kampac Oil has already identified and secured an area somewhere in Laguna where the oil depot can be constructed.  The sourced did not identify the exact location in Laguna, but said it is strategic enough for the company’s oil distribution business.

However, a report by Biofuels Digest stated that Kampac Oil was negotiating plans to conduct a feasibility study to turn 125 hectares in Bataan into an industrial and energy hub. The land is currently owned by PNOC Alternative Fuels Corp. who is now seeking investors for the industrial park that will help the country meet its biofuels mandate.

This was confirmed by Kampac itself in its website which reported that it had signed a memorandum of agreement with   Authority  of the Freeport Area of Bataan (AFAB) in July 2011 to pursue the development of a super oil storage tank farm facility at the Freeport, among others.

The signing of the MOA is tied with the AFAB’s commitment to providing its stakeholders, specially its locators, abundant supply of energy. In support of the state policy, AFAB ensures that this will be achieved through integrated and intensive exploration, production, management and development of indigenous resources, without sacrificing ecological concerns.

It requires 100 hectares of land in the Freeport Area of Bataan (FAB) for the super oil storage tank farm facility.

The MOA guarantees the partnership’s significant economic and social benefits to the FAB in terms of investment, infrastructure development and employment generation, the website stated. (Manila Bulletin)

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