Hanjin, TransCo sign MOU
The National Transmission Corporation (TransCo) signed a memorandum of Understanding last Monday, July 17 with Hanjin Heavy Industries & Construction (HHIC-Phil., Inc.) for the direct power connection of Hanjin's shipbuilding facility to be built inside the Special Economic Zone in Castillejos, Zambales inside the Subic Bay Metropolitan Authority (SBMA) complex.
TransCo President Alan Ortiz and HHIC-Phil., Inc. President Jeong Sup Shim signed the Memorandum of Understanding on behalf of their companies.
"We welcome this partnership which will allow one of the biggest shipbuilding companies in the world today to relocate their entire facility from Korea to the Philippines, bringing in jobs, technology, and new confidence in the Philippine economy," Ortiz said.
As stipulated in the MOU, HHIC-Phil., Inc. will design, finance, construct, test, commission and own a 220-km 230-kV double circuit steel tower transmission line and a 230-kV substation which will together serve as the shipbuilding project's power source. The connection facilities should conform to TransCo's standard design and specifications.
TransCo shall subsequently assume the operation and maintenance of the facilities subject to a mutually agreed amount to be shouldered by HHIC-Phil., Inc.
Hanjin said it expects to generate jobs for about 1,000 Filipino workers during the construction of the shipbuilding facility and directly employ about 3,000 to 7,000 professional managers, technical staff, and skilled shipyard workers.
It will likewise produce about $1-2 billion worth of exports and an investment inflow of about $1 billion during the erection of the plant and put the Philippines on the world map of large scale shipbuilding. (PIA-MMIO)
TransCo President Alan Ortiz and HHIC-Phil., Inc. President Jeong Sup Shim signed the Memorandum of Understanding on behalf of their companies.
"We welcome this partnership which will allow one of the biggest shipbuilding companies in the world today to relocate their entire facility from Korea to the Philippines, bringing in jobs, technology, and new confidence in the Philippine economy," Ortiz said.
As stipulated in the MOU, HHIC-Phil., Inc. will design, finance, construct, test, commission and own a 220-km 230-kV double circuit steel tower transmission line and a 230-kV substation which will together serve as the shipbuilding project's power source. The connection facilities should conform to TransCo's standard design and specifications.
TransCo shall subsequently assume the operation and maintenance of the facilities subject to a mutually agreed amount to be shouldered by HHIC-Phil., Inc.
Hanjin said it expects to generate jobs for about 1,000 Filipino workers during the construction of the shipbuilding facility and directly employ about 3,000 to 7,000 professional managers, technical staff, and skilled shipyard workers.
It will likewise produce about $1-2 billion worth of exports and an investment inflow of about $1 billion during the erection of the plant and put the Philippines on the world map of large scale shipbuilding. (PIA-MMIO)
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