Friday, February 21, 2014
European Union Diplomats Back Philippines as Investment Hub of Asia
European Union delegation visits Malampaya Phase 3 fabrication yard in Subic Bay. A total of Php 45 Billion (EUR 750 Million) has been poured into new platform of Malampaya. Briefing the diplomats in Antoine Bilek, Malampaya Phase 2 and 3 Project Manager. Ambassadors and diplomats from member states of the European Union (EU) have underlined their strong support for the Philippines as an investment destination in Asia. This followed a visit to the construction site of the 2nd offshore gas platform of the Malampaya Deep Water Gas to Power Phase 3 Project. Their visit didn't only highlight strong EU presence in the Philippines but also showed that the European Union has confidence in the Philippines Economy and is looking to put in more investment, officials said. To date the European Union is already the largest investor in the Philippines by stock at Php 440 Billion. These investments have created hundreds of jobs in the Philippines while adding value to the economy through technology and capital transfer officials said. Still regarded as the single biggest investment in the Philippines to date, Phase 1 of the Malampaya project has an estimated capital outlay of $4.5 Billion. It's now in it's next stages of development which aim to maintain current levels of natural gas production. The Malampaya project which supplies more than 40% of Luzon's Power Requirements is developed and operated by Shell Philippines Exploration B.V. (SPEX) on behalf of joint venture partners Chevron Malampaya LLC and the PNOC Exploration Corporation. The parent company of the Shell group is the Royal Dutch Shell plc, which is incorporated in Britain with headquarters in the Netherlands.
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