Hanjin opens $1.6-B Subic shipyard

The first phase of the $1.6-billion shipyard project of Korean company Hanjin Heavy Industries and Construction Corp. at Subic’s Redondo Peninsula opened Wednesday.

Representing the National Government to the opening of the shipyard facility was Vice President Noli de Castro.

In his congratulatory speech, De Castro praised the progress Hanjin has made in a record time of 19 months, and invoked the mutually-beneficial relations between the company and the Philippine government.

“Hanjin has been involved in the Hanjin opens construction of, among others, highways, airports, and bridges in the Philippines for the last 30 years. That is why Hanjin has a good relationship with our government,” de Castro said.

In three year’s time, Hanjin is looking at employing 20,000 workers.

“By 2010, Hanjin plans to employ 20,000 people,” de Castro said. “So that’s good news to our workers because they do not have to look for jobs abroad.”

Phase 1-1 of the Subic shipyard project involved the completion of key structures within the shipyard that are needed in ship production.

It includes a dry-dock facility, hull shop buildings, a four-story administration building, a three-story production and design building, field offices, catering center building, and a guest house.

For its Subic project, Hanjin had initially earmarked $1 billion as capitalization for a world-class shipbuilding facility to produce some of the world’s largest sea vessels, including liguefied natural gas (LNG) supertankers, very large crude carriers (VLCCs), and container ships.

An additional $648 million was infused in June in order to cover the costs of several ship orders it has received. The company has pending orders for 40 units of cargo vessels.

Hanjin’s first order was for two tankers, each weighing 75,000-100,000 deadweight tons. The tankers, reportedly costing some $65.6 million each, will carry crude oil within Europe and the Middle East.

Those who witnessed the opening were South Korean Ambassador Jong Ki Hong, Secretary Edgardo Pamintuan of the Subic-Clark Area Development Council (SCADC), Trade undersecretary Elmer Hernandez, Bataan Governor Enrique Garcia, Olongapo City Mayor James Gordon Jr., Subic, Zambales Mayor Jeffrey Khonghun, SBMA Chairman Feliciano Salonga, SBMA Administrator Armand Arreza, and Central Luzon Police Director Errol Pan. — with Bebot Sison