Friday, October 21, 2016

Dubai-based oil firm invests in multi-billion dollar project in Sual

LINGAYEN – Kampac Group, a Dubai-based oil and gas company will invest in Pangasinan by putting up an Energy City project in Sual town due to its strategic location along the Lingayen Gulf.

Governor Amado Espino III has confirmed this on Monday during his 100-day report before the Sangguniang Panlalawigan here.

Espino disclosed that the Kampac Group has formally presented to the provincial government on September 19 its proposal to build a world class refinery and petrochemical complex with a first class commercial port and ultra-modern city.

Espino said the project, which will greatly provide more economic and employment opportunities in the province, is capable of producing one million barrels of oil a day.

The Kampac Group, which was formed in 1988 in Dubai, United Arab Emirates, is an international company that is engaged in oil and gas exploration, oil trading, oil infrastructure development, environmental and oil services.

“The company plans to invest a multi-billion dollar capital for the said project,” said Espino adding that once it materialized, the project will be the single biggest foreign investment in the country for a long time.

Espino added that prior to process of the project development, the Kampac Group, through its Chairman Charles Ampofo, sought the permission of the provincial government and the provincial board to use the Eco-Tourism Zone in this town as the contractor’s settlement and workshop sites.

Recently, members of the Sangguniang Panlalawigan passed a resolution signifying their conformity and authorizing Espino to enter into and sign the necessary contract or agreement on the use of the eco-tourism zone as contractor’s village.

The Energy City project, which will also include world class hospital, modern railway and an international airport that can accommodate more than 20 million passengers in the next 15 years, was already endorsed by the provincial board to the municipality of Sual through an approved resolution.

“Kung maisasakatuparan itong Energy City magiging malaki at positibo ang epekto nito sa ating probinsya at sa ating mga kakababayan pagdating sa revenues, trabaho, livelihood at iba pang benepisyong pang-ekonomiya,” said Espino. (PIA-1, Pangasinan) 

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