US oil firm eyes USD4 B investments in PHL

MANILA-- 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.

"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.

"They are very interested. It seems that the Philippines is very attractive to the whole world," she added.

Aside from OS Petro, PayOdd is looking at an initial investment of USD10 million or about PHP500 million here through PEZA.

PayOdd provides money transfer services through mobile and online platforms.

Source: Philippines News Agency

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