Daelim Industrial Co., a South Korean builder, said Tuesday that it has won a US$2 billion deal to expand and upgrade a petrochemical plant in the Philippines.
Under the deal with Philippine energy major Petron, Daelim Industrial will expand and update an existing petrochemical plant in Limay, Bataan, 150 kilometers southwest of Manila.
Both sides will finalize the deal in details later this month, Daelim said.
Daelim will work to beef up the plant's capacity to produce high-margin products, including propylene and other petrochemicals, it said.
So far this year, Daelim has won 6.04 trillion won (US$5.36 billion) worth of overseas orders.