Philippines-based San Miguel Corporation plans to invest US$34 billion on three major construction projects, according to the firm’s president and COO, Ramon S Ang.
According to Ang, the company, renowned for producing one of the world’s favourite beers, is looking to build an oil refinery and a steel mill, with the projects each valued at around $15 billion.
The refinery will have an output of up to 250,000 barrels a day, also potentially producing petrochemicals.
The third project will be a development aimed to generate power from the ocean’s tidal energy.
Ang said the cost of developing the initial resource – with a capacity to generate 1,200 MW of power – could reach $3.6 billion, but added early studies showed the development had the potential to be scaled up to 18,000 MW.
It is reported that all three projects will be in the Philippines, but Ang would not disclose the exact locations, saying there will be further announcements in the coming months.