Philippine petroleum company uses foreign capital

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A well-informed source of the Philippine National Petroleum Corporation (PNOC) recently revealed that the company could reach an agreement with the Brunei government and some foreign oil companies as early as next year to jointly build the first ethylene cracking unit in the Philippines, which will be built in Bataan in the north of Manila

the well-informed person, who asked not to be named, did not consider the cross-sectional contraction; Therefore, the Philippine National Petroleum Company has conducted formal negotiations with the Malaysian National Petroleum Company, the Brunei government and some Japanese companies if users request to withdraw from the monitoring system, and is expected to reach a joint venture agreement in early January next year

he said that Petronas very much hopes to own at least 20% of the shares of the project, while Brunei wants to own 35% of the shares, and Japanese companies will account for 10% ~ 15% of the shares of the project. The Philippine government plans to own 30% ~ 40% of the shares of the project through the petrochemical enterprises subordinate to the Philippine national oil company. (China Chemical daily)

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