Saudi Arabia to invest US$ 1 trillion in the Philippines

CLARK PHILIPPINES - Saudi Arabia expressed interest in investing US$ 1 trillion in tourism and oil refinery opportunities in the Philippines, which is expected to generate 500,000 new jobs in the country.

President Gloria Macapagal Arroyo recently made a visit to the Kingdom of Saudi Arabia where she presented numerous investment opportunities in the Clark and Subic economic zones.

Clark and Subic were among the biggest US military bases in Asia Pacific, which have now been transformed into booming economic zones.

The President also made representations with Saudi Arabian Oil Company (Aramco), the largest oil producer in the world, to put up an oil refinery in Mindanao. Aramco controls 40 percent of Petron Corporation. Currently, Petron-Aramco has a refinery in Batangas.

The plananed refinery is expected to cost US $ 5 billion and could supply the oil requirements of East Asia and the US Pacific Cast.

During President Arroyo's visit in Saudi, King Abdullah Bin Abdul Aziz Al, the Crown Prince, ordered the creation of a team that would explore tourism opportunities in the Philippines.

5/16/06

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