1 November 2013
Dubai-based oil firm Kampac International is in talks to develop a $5bn "energy city" in the Philippines.
According to Malaya Business Insight, the project will be developed in Southern Luzon.
The project will take five years to complete will include a liquefied natural gas (LNG) regasification plant, a petrochemical facility and a water company, Kampac chairman Charles Ampofo told the 39th Philippine Business Conference.
The Energy City will be developed in Southern Luzon, Philippines
Kampac says the "Kampac Energy City" will be launched in June 2014 and will be the largest energy city and the first of its kind in Asia.
Mr Ampofo said that the Philippines needs a strong petrochemical industry and strategic reserves for fuel as the country is prone to natural disasters.
Malaya Business Insight also reported that Mr Ampofo signed a memorandum of agreement with the Philippine Chamber of Commerce and Industry.