Dubai oil firm Kampac International plans to invest in a multi-billion dollar depot project in the Philippines, according to a report in south-east Asia.
Manila Standard Today reported that the company, through its Kampic Oil Middle East subsidiary, planned to distribute and sell oil throughout the region with the Philippines at its distribution hub. The depot is located near the boundary of Quezon and Laguna provinces.
A source told the newspaper that Kampac CEO Charlie Ampofo had met with Philippines president Beningo Aquino III to discuss the project. Ampofo is due to return to the country next month in order to finalise the project, it said.
Bilateral trade between the Philippines and UAE amounted to $2.16bn in 2012.