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A brand of San Miguel Company (SMC) is seen at a predominant workplace in Ortigas metropolis, metro Manila February 12, 2016. REUTERS/Romeo Ranoco/File Photograph
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MANILA, Aug 22 (Reuters) – Philippine conglomerate San Miguel Corp (SMC.PS) mentioned on Monday its subsidiary had acquired the reserve fuel of the Philippine Nationwide Oil Corp for $1.2 billion.
San Miguel mentioned the fuel, sourced from a fuel area close to the South China Sea, will gasoline its 1,200-megawatt energy plant till 2024.
The Southeast Asian nation might want to import liquefied pure fuel sooner or later as its solely main fuel area is anticipated to run dry by 2027, primarily based on the federal government’s projection.
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Reporting by Neil Jerome Morales; Modifying by John Geddie
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