PEZA Invites UAE Oil Firms to Build Refineries in PH

Philippine Economic Zone Authority (PEZA) director general Charito Plaza invited multiple United Arab Emirates (UAE) oil firms to set up and operate oil refineries in PEZA ecozones in the country.

The invitation happened during the Global Biz with PEZA featuring the United Arab Emirates which was held in Dubai Tuesday, where Plaza emphasized that foreign oil firms can capitalize on the ease of doing business in the Philippines particularly within PEZA jurisdiction, as the economic authority doubles down on having one-stop processing procedures set up for investments that will be done in PEZA ecozones.

Other benefits for oil firms will include fiscal incentives, and the lower corporate tax rates.

PEZA is currently pursuing having refinery ecozones as a solution to the oil needs of the country, and lessen the dependence from the ever-fluctuating global oil market.

The world may be on the brink of an oil crisis, among others, that may arise in the coming weeks as war in Europe looms. Russia currently has 130,000 troops along with other military equipment surrounding Ukraine’s north, south, and east borders as Moscow listed demands for the rest of Europe to act upon–one of which is the total rejection of Ukraine membership application in North Atlantic Treaty Organization (NATO).

oil pipelines that pass though both countries are playing a large role in the crisis. (GFB)