South Korea's Daelim Industrial Co Ltd stated on April 8 that it had signed a $317 million deal to build a petrochemical plant in Limay, Bataan.
Daelim estimates that the plant will be complete by November under a deal with Petron, the Philippines' largest oil refining firm.
Petron Corp already operates a refinery Limay, while the opening of an oil depot is imminent. The company has been planning to enter the petrochemical market to complement its presence in the petroleum market.
Meanwhile, the Export/Import Bank of the US has granted preliminary approval for a US$ 2.84 billion loan guarantee to fund an oil refinery project in Cartagena, Colombia.
Once approved, the financing will ‘support the purchases of equipment and services from over 150 large and small US engineering/design, equipment supply, contracting and process license firms’, including Foster Wheeler, CB&I and ExxonMobil, according to the export credit agency’s website.
The loan guarantee will provide backing for a US$ 5.18 billion refinery and upgrade project to the state controlled Ecopetrol’s Cartagena complex and ensure the supply of petroleum products to Colombian and foreign markets.Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/12042011/plant_construction_projects_in_philippines_and_colombia_underway/