PHILIPPINES: Chinese petrochem firm eyes expansion in Philippines

A Chinese petrochemical company is keen on expanding in the Philippines, adding to the growing list of business intentions and expansion projects being received from large companies based in China, the Department of Trade and Industry (DTI) said.

Trade Secretary Ramon Lopez said Handi Group president Hanling Wu discussed with him in a recent meeting the possibility of the company investing in a petroleum refining and petrochemical manufacturing facility in the country.

“We welcome business intentions to strengthen our petrochemical industry, which the government actively supports. They expressed strong confidence on the business environment stability during the Duterte administration,” Lopez said.

Handi Group is one of the largest and advanced private specialty oil producers in China. The conglomerate is based in Hainan province and engages in multiple industries, including oil refinery, chemical industry, trading, investment and financing.

The group, through its subsidiaries Hainan Handi Sunshine Petrochemical Co. Ltd., Hainan Handi Petrochemical Co. Ltd., Handi Lubricant Technology (China) Co. Ltd., Handi Sunshine Trading Co. Ltd., and Handi Investment, has established a full scale and long-term strategic cooperation with large international energy companies such as ExxonMobil, Total, Chevron and BASF.

Lopez said he suggested for the facility to be put up in Mindanao, which will be suitable for the company’s power, land and accessibility requirements.

Source: Daily “The Philippine Star”, Manila; 8 Dec 2017

(Syed Rashid Ali, Karachi, Pakistan)