HHIC seals deal to build $2bn Philippine yard
Following its $1.65bn investment in the world’s fourth largest shipbuilding yard in Subic Bay, HHIC is moving forward with plans to build a massive shipbuilding yard in Misamis Oriental, Mindanao.
HHIC seals deal to build $2bn Philippine yard
By Marcus Hand in Singapore - www.lloydslist.com
HHIC has been lured with financial incentives fromthe Philippine authorities. HANJIN Heavy Industries and Construction has signed an agreement to build a $2bn shipbuilding yard in southern Philippines, its second in the country.
Following its $1.65bn investment in the world’s fourth largest shipbuilding yard in Subic Bay, HHIC is moving forward with plans to build a massive shipbuilding yard in Misamis Oriental, Mindanao.
Last week, HHIC president Park Kyu Woon and Phividec Industrial Authority administrator Nimfa de Ocampo signed a Memorandum of Understanding for the construction of Misamis Oriental Shipbuilding Complex.
The $2bn shipyard will be built on a 440 ha plot in the 3,000 ha Phividec Industrial Estate in Misamis Oriental. It will have a capacity of 830,000 tonnes per year when completed, the Phividec Industrial Authority said.
The signing of the MOU was witnessed by Philippines’ President Gloria Macapagal-Arroyo.
“The world is taking notice of the new Philippines that we are working hard to create. That is why Hanjin is bringing US$2bn to Misamis Oriental,” she said.
As with the Subic Bay yard, the South Korean shipbuilder has been lured with financial and other incentives offered by the Philippine authorities.
Located in the Phivdec economic zone, HHIC will be allowed duty-free importation of capital equipment and income tax holidays.
At the official opening of its Subic Bay yard last month, HHIC said that construction of the yard in Mindanao would start in 2009, with the facility initially providing blocks and other material support for its yards in Subic and Pusan. The yard is expected to be completed in 2017 and employ some 40,000 people.
HHIC expanded its shipbuilding operations into the Philippines to overcome a lack of space at its existing South Korean facilities and take advantage of lower land and labour costs.
The Subic Bay yard has racked up orders for 36 newbuildings worth a total of $3.6bn.
HHIC is also involved in infrastructure projects in southern Philippines. At the end of last year, it signed a construction contract to build Misamis Oriental Airport, designed to be a major air hub for the south of the country.
HHIC seals deal to build $2bn Philippine yard
By Marcus Hand in Singapore - www.lloydslist.com
HHIC has been lured with financial incentives fromthe Philippine authorities. HANJIN Heavy Industries and Construction has signed an agreement to build a $2bn shipbuilding yard in southern Philippines, its second in the country.
Following its $1.65bn investment in the world’s fourth largest shipbuilding yard in Subic Bay, HHIC is moving forward with plans to build a massive shipbuilding yard in Misamis Oriental, Mindanao.
Last week, HHIC president Park Kyu Woon and Phividec Industrial Authority administrator Nimfa de Ocampo signed a Memorandum of Understanding for the construction of Misamis Oriental Shipbuilding Complex.
The $2bn shipyard will be built on a 440 ha plot in the 3,000 ha Phividec Industrial Estate in Misamis Oriental. It will have a capacity of 830,000 tonnes per year when completed, the Phividec Industrial Authority said.
The signing of the MOU was witnessed by Philippines’ President Gloria Macapagal-Arroyo.
“The world is taking notice of the new Philippines that we are working hard to create. That is why Hanjin is bringing US$2bn to Misamis Oriental,” she said.
As with the Subic Bay yard, the South Korean shipbuilder has been lured with financial and other incentives offered by the Philippine authorities.
Located in the Phivdec economic zone, HHIC will be allowed duty-free importation of capital equipment and income tax holidays.
At the official opening of its Subic Bay yard last month, HHIC said that construction of the yard in Mindanao would start in 2009, with the facility initially providing blocks and other material support for its yards in Subic and Pusan. The yard is expected to be completed in 2017 and employ some 40,000 people.
HHIC expanded its shipbuilding operations into the Philippines to overcome a lack of space at its existing South Korean facilities and take advantage of lower land and labour costs.
The Subic Bay yard has racked up orders for 36 newbuildings worth a total of $3.6bn.
HHIC is also involved in infrastructure projects in southern Philippines. At the end of last year, it signed a construction contract to build Misamis Oriental Airport, designed to be a major air hub for the south of the country.
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