Good news to all my ka-probinsya dyad luyak na Pangasinan(good news to all my provincemates in the Pangasinan).
Sual, Pangasinan is eyed by international oil firm from Dubai, Kampac Oil, to build Kampac Oil City. This is indeed a very rare and a good blessing to all Pangasinan. An expected 8,000 jobs will be generated for this project expected to be finished in 15 years and the first phase is expected to be ready by 2018. A total investment of around $15 billion is expected to comprise oil refineries, non-commercial port, and a township. For contractors will be needing manpower and who else to hire than the locals who can easily be on site and work hard since the job is within their area instead of going abroad.
Below is an excerpt from inquirer.net in regards to this good news:
Dubai firm to double PH stake to $10B
FUNDS TO BE CHANNELED TO KAMPAC ENERGY CITY IN PANGASINAN
6:06 AM | Friday, April 17th, 2015
MANILA, Philippines–Kampac Oil plans to double its investments in the Philippines to over $10 billion, the bulk of which will fund the construction of Kampac Energy City in Sual, Pangasinan, which is touted to be the first of its kind in Asia.
“The initial cost of the project was estimated at $5 billion. But with current expansion plans, the city is estimated to cost well over $10 billion. Upon completion, the Kampac Energy city will be one of the largest energy projects of its kind,” the company said in a statement.
Kampac Oil, an international oil and gas company based in Dubai, said it had long been interested in investing in the Philippines. But it was only in 2013 that the group had announced plans to put up an energy complex.
“We chose the Philippines because of its strategic location and, most importantly, we believe and love the Filipino people and their big smile,” Kampac Group chair Charles Ampofo was quoted in the statement as saying.
The proposed Kampac Energy City will be composed of a non-commercial port, a township and a functioning city. As announced previously, the energy city alone will house three refineries, a petrochemical plant, a liquefied natural gas regasification facility and a water company. The project is also expected to generate at least 8,000 jobs.
For us stock investors, we should be on the look out who are the participating contractors on these projects. With an expected construction timeline of 15 years that would be a possible profitable time for any construction company.