“There is a listed oil firm in Dubai and we have signed a memorandum of agreement with them to lease land for refinery. The lawyers are just finalizing the terms of a contract,” said Energy Secretary Jose Rene D. Almendras in an interview with reporters last week.
Mr. Almendras said the Philippine National Oil Co.-Alternative Fuels Corp. (PNOC-AFC) will be leasing out a 100-hectare property in Bataan to the firm.
The firm is not expected to partner with a local firm for its operations.
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