December 04, 2008

Hanjin to set up shipyard at Misamis Oriental

Korean shipbuilding giant Hanjin Heavy Industries and Construction Corp announced that it will construct a USD 2 billion shipyard complex at Misamis Oriental in Northern Mindanao in Philippines.

Mr Ninfa Albania Phividec Industrial Authority Administrator said that “Hanjin's facility will be constructed at the 3,000 hectare Phividec Industrial Estate in towns of Tagoloan and Villanueva in Misamis Oriental.”

The construction of the shipbuilding facility would start in early 2008. The plant would start fabricating ships in 2010. By 2012, the facility is expected to export some USD 1.7 billion worth of shipbuilding parts and vessels.