Saudi Aramco eyes stake in Filipino naphtha cracker

Saudi Aramco is considering an investment of $600 million in a naphtha cracker project in the Philippines, according to the Organization of Petroleum Exporting Countries News Agency (OPECNA) last month.The company already holds a 40% stake in Petron Corp., the Philippines' national refinery corporation.Aramco outbid other international groups, including Malaysian state oil corporation Petronas, a few years ago to buy the stake in Petron in a market that, the agency said, could prove a stepping stone into China.The new naphtha cracker Saudi Aramco would help the Philippines develop its downstream petrochemical sector, part of the country's industrialization program.Investment terms...

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