RP, Korean firms tie up

RP, Korean firms tie up

MANILA (UPI): The Philippines' largest oil refiner, Petron Corp., has tied up with South Korea's Ssang-Yong Oil Refining Co. to look into the possibility of constructing a refinery and petrochemical plant.

Petron Corp. says Friday the parties have agreed to conduct a joint feasibility study on the construction of an aromatics- oriented oil refiner with a daily capacity of 250,000 barrels.

The two corporations will also look into the possibility of setting up a Pta-polyester manufacturing plant in the same location.

Petron President Monico Jacob says the joint venture is in line with the expansion plans of both companies.

He says, "Both firms believe that their combined resources and business expertise would provide each a strong competitive edge in their respective markets."