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S. KOREA'S HANJIN TO INVEST US$1 BLN IN PHILIPPINE SHIPYARD PJT.
MANILA, March 1 Asia Pulse - Philippine President Gloria Macapagal-Arroyo witnessed the signing on Tuesday of a land lease agreement between Hanjin Heavy Industries and Construction Co. (HHICC, KSE:003480) and the Subic Bay Metropolitan Authority (SBMA) under which the South Korean company will construct and operate a shipyard at the Subic Bay Freeport Zone (SBFZ) in Zambales.
The signing ceremony was held at Philippine Presidential Palace Malacanang's Rizal Hall.
Hanjin will invest about US$1 billion over the next 10 years in a steel structure fabrication yard in the 230-hectare land covered by the lease agreement.
The shipyard is expected to be finished by 2016.
Once operational, the shipyard will build liquefied natural gas (LNG) carriers and very large container carriers (VLCC) for customers around the world.
HHICC is represented in the country by its local corporation, HHICC-Philippines, Inc.
The South Korean investment is also expected to boost economic activity at the country's premier freeport zone and generate 30,000 to 40,000 jobs.
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