MANILA, Philippines—Energy Secretary Jose Rene D. Almendras is wooing investors from Kuwait as the national government moves to further diversify and widen the Philippine downstream oil industry landscape.
Almendras said the Department of Energy (DoE) has been trying to invite as many foreign players as it could to pour in the much-needed investments in the country. This was meant to “encourage competition” that would help make fuel and energy prices more competitive.
“I’ve had meetings with the ambassador from Kuwait and he’s saying that Q8 (Kuwait Petroleum International) may be a candidate,” he said.
According to its website, Kuwait Petroleum International, known by its trademark Q8, refines and markets fuel, lubricants and other petroleum derivatives outside Kuwait. Its main activities are focused on Europe and the Far East and include marketing and sales, research and refining of petroleum products.
Established in 1983, Kuwait Petroleum International is a subsidiary of Kuwait Petroleum Corp., which brought together all the state-owned elements of the Kuwait oil sector under one corporate umbrella and is recognized as one of the world’s top 10 energy conglomerates.
Q8 markets fuel through more than 4,000 service stations across Europe and operates a direct sales operation, providing road fuel and heating oil. Its International Diesel Service is dedicated to the needs of international road transport companies; Q8 Aviation provides jet fuel at more than 60 airports internationally and Q8 Oils manufactures and markets some of the world’s finest lubricants.
“I’m not sure if they’re coming, but I said we would like to invite them if they are interested to come. The more players, the better for us. There are still no firm details between Kuwait and the Philippines. I will talk to whoever is willing to listen,” Almendras added.
Should Q8 touch base with the DoE, Almendras said several public-private partnership (PPP) projects might be offered to the company.
Almendras has been aggressively wooing foreign investors worldwide as the country needs P1.83 trillion in new investments for energy projects from 2010 to 2030.—Amy R. Remo