A Chinese oil firm has expressed interest in investing in a fuel facility in the Philippines, the Department of Trade and Industry (DTI) said on Wednesday, in another indication of the country’s increasing attractiveness to foreign investors.
The DTI said Trade Secretary Ramon Lopez recently met Handi Group President Hanling Wu to discuss the possibility of the company investing in a petroleum refining and petrochemical manufacturing facility in the country.
“We welcome business intentions to strengthen our petrochemical industry, which the government actively supports. They expressed strong confidence on the” stability of the business environment under the Duterte administration, Lopez said.
Based in China’s Hainan province, the Handi Group is one of the Asian superpower’s largest oil producers. It is involved in industries that include oil refinery, chemicals, trading, investment and finance.
Its subsidiaries—Hainan Handi Sunshine Petrochemical Co. Ltd. (HDS), Hainan Handi Petrochemical Co. Ltd. (HDP), Handi Lubricant Technology (China) Co. Ltd., Handi Sunshine Trading Co. Ltd. and Handi Investment—have collaborated with large international energy companies, such as ExxonMobil, Total, Chevron and BASF.
Lopez opened the discussion of putting up the facility in Mindanao, which will be suitable for the company’s power, land and accessibility requirements.
Wu conveyed the need of the Handi Group for Filipino engineers, while the Trade chief noted the availability of engineering talents in Mindanao.
“There are a lot of universities in Mindanao that produce quality graduates and professionals in the field of engineering. We have good universities in all parts of the Philippines,” Lopez said.
This comes more than a month after the DTI revealed that two Chinese companies, Huili Investment Fund Management Co. Ltd. and Yi Ding Tai International Corp., offered to invest some $4.5 billion in the country’s iron, steel manufacturing and shipbuilding industries.