Hanjin Heavy Industries & Construction-Philippines (HHIC-Phil) has secured a $38.39 million contract to manufacture steel frames needed by Petron Corp. to modernize its refinery plants in Bataan.
Hanjin signed an agreement on February 28 for the manufacture of the steel frames for the oil company’s refining plant being developed by Korea’s Daelim Industrial Co. Ltd.
The project is part of Petron’s Refined Master Plan Phase 2 (RMP-2) project. The steel frames will be built at HHIC-Phil’s Subic Shipyard.
HHIC-Phil said the steel frames project will take about 15 months to finish.
Daelim Industrial won an order to build for Petron a $2 billion oil refinery plant, the biggest project in Southeast Asia.
"The RMP-2 project, ordered by Petron Corp., is a mammoth project to produce high value-added oil products by extensively modernizing existing refinery plants located in Limay, Bataan, about 150 kilometers southwest of Manila," said Daelim.
HHIC said the severe economic slowdown in the domestic shipbuilding and construction industries and increase in overseas competition has prompted the company to diversify its business structure.
The company has accelerated its overseas plant development business by improving its competitiveness in bidding for construction projects.
Hanjin has also taken advantage of the strength of its Subic shipyard. It plays the role of a steel manufacturing factory with perfect facilities and environment for the manufacture of steel frames, spools and pressure containers.
HHIC is capable of manufacturing high-quality steel frames using state-of-the-art cutting, welding, plating and painting facilities.
It also plans to manufacture various equipment and facilities that will be used in oil refineries, power plants and petrochemical factories that will be constructed in Southeast Asia and the Middle East.
The company has two bulk carriers that can transfer goods from Subic to their destination, making the operation very cost effective. HHIC said it is highly competitive in terms of manufacturing costs and transportation costs in the Philippines compared with Korea and China.
"The HHIC-Phil’s Subic Shipyard will be a future growth engine in the shipbuilding sector and strategic base for overseas plant business at the same time," an official from HHIC said.
"We would be able to overcome the current economic slowdown if we keep expanding our overseas business through the Subic shipyard," the official said.
HHIC plans to focus on maximizing synergetic effects in the shipbuilding and construction sectors.
Its Subic Shipyard has maintained competitiveness and productivity with state-of-the-art automation facilities and skilled labor. (Genivi Factao, Malaya)
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