Philippine conglomerate San Miguel Corp said it was evaluating the viability of constructing an integrated logistics complex in the Manila North Harbor area.
The company told the stock exchange it had an initial budget of about 20 billion pesos ($460 million) for the project, confirming details reported by the Philippine Star paper.
San Miguel said the proposed complex would include a grains terminal, ship-handling and warehousing facilities, and a fuel depot for the group’s storage, handling and distribution needs.
Group companies include San Miguel Brewery Inc , San Miguel Pure Foods Co Inc , San Miguel Properties Inc and Petron Corp.
San Miguel, which is aggressively diversifying in power and infrastructure after dominating the local food and beverage business, said the group was in talks with North Harbor Centre Port Terminal Inc on the preparation of a master plan for Manila North Harbor, one of the country’s busiest ports.
Petron, the larger of the two oil refiners in the country, said it would buy 35 percent of the company that in 2009 won a 25-year contract to operate and develop the port. (Reuters)