ZAMBOANGA CITY: Southsea Industrial Energy Corporation, a wholly Filipino-owned company, is pouring P471 million into mini-oil refinery in Tawi-Tawi province.
The Regional Board of Investment (RBOI) has provisionally approved the project pending the release of an endorsement by the Department of Energy (DOE), expected by the end of this month.
ARMM Gov. Mujiv Hataman said the project, which includes a depot, will be located in Barangay Tubig Indangan, Simunul, Tawi-Tawi.
Simunul is a fourth class municipality in Tawi-Tawi. It is politically subdivided into 15 barangays with a population of 34,538 based on the 2010 census.
The commercial operation of the mini oil-refinery would start in the last quarter of 2017 and would generate at least 100 jobs.
Hataman noted the Southsea would put up the first of its kind mini oil-refinery in the country using technology from South Korea with the assistance of a South Korean
Hataman said private sector investments in the ARMM reached a total of P6.5 billion this year with the registration of the Southsea Industrial Energy Corporation.
Lawyer Ishak Mastura, RBOI-ARMM chairman, said investments in the region were increasing despite the uncertainty of the passage of the draft Bangsamoro Basic Law in the Senate and the House of Representatives.
Mastura said they recorded an increase of roughly 68 percent in the total value of investments, or PHP6.5 billion this year compared with last year’s P3.87 billion.
Moreover, a total of 4,894 jobs, which is about 43 percent higher compared with last year’s 3,433 jobs, have been recorded this year.