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."