SAN Miguel Corp. (SMC) on Tuesday bared plans to build a new petrochemical refinery in the Philippines worth P1 trillion, with construction to possibly start in the next six months, SMC President and Chief Operating Officer (COO) Ramon Ang said.

“[We are looking to put up] a totally new oil refinery which will produce up to 250,000 barrels a day for the Philippines,” Ang told reporters on the sidelines of the company’s annual stockholders’ meeting held in Pasig City on Tuesday.