SMC plans to invest $33.6B in 3 new projects

CONGLOMERATE San Miguel Corp. (SMC) is planning to invest about $33.6 billion in three major projects including a new oil refinery, an integrated steel mill, and ocean tidal power, the president of the company said.

The new investments will help meet the growing demand for oil and steel and provide a new source of renewable energy, SMC President and Chief Operating Officer Ramon Ang told reporters in an interview last week.