Philippine-based San Miguel Corporation will invest 1 trillion pesos to build a new petrochemical plant.

　　According to a June 14 report by the Philippine newspaper Manila Times, SMC (San Miguel Corporation) may invest in building a new petrochemical plant worth 1 trillion pesos within the next six months. Speaking to reporters at the company’s annual shareholders’ meeting on June 13, SMC President and Chief Operating Officer Ramon Ang announced that SMC will construct a state-of-the-art refinery capable of producing 250,000 barrels of petroleum products daily for the Philippines. He highlighted that petrochemical product prices are stable, profit margins remain high, domestic consumption in the Philippines is robust, and there is significant potential for exports as well.

　　

　　It is understood that the petrochemical plant may be specifically located in the southern part of the Greater Manila area. SMC will collaborate with two foreign companies on its construction, with operations expected to begin approximately three and a half years from now. Additionally, SMC aims to expand the existing Petron refinery, increasing its production capacity from 180,000 barrels per day to around 270,000 barrels per day. The company is also considering a $800 million (roughly 39.6 billion pesos) investment to further expand its refinery operations in Malaysia. Beyond the oil industry, SMC also operates in sectors such as food and packaging, energy and power, infrastructure, and banking.