Davao Oriental Industrial Park Worth $24-Billion Breaks Ground

A new industrial park will soon to rise in Davao Oriental as it breaks ground on Tuesday, March 21 in Barangay Maputi, Banaybay Davao Oriental. The $24-billion industrial park project is a partnership between the Provincial Government of Davao Oriental and Pionaire Finance Limited (PFL), a Hong Kong-based financing company.

Based upon the memorandum of understanding signed by both parties, the provincial government committed to establish a 1,500 hectares land area and six kilometers coastline for the PFL and its consortium partners to develop an industrial park.

According to Davao Oriental Governor Nelson Dayanghirang, the project will enhance the province's infrastructure system and competitiveness as an investment destination.

“This is a rare opportunity that we might miss forever if we do not seize it or take action now,” he said adding that the big-ticket project, more than enhancing the province’s competitiveness, will also generate some 10,000 jobs to the community.

With the groundbreaking ceremony, Gov. Dayanghirang stated that it marks the start of the project's initial stages including, among others, the acquisition of land, securing environmental compliance certificate, conduct of series of consultations, and the process of declaring it as an industrial zone.

Meanwhile, the President of PFL, Bill Shen for his part stated that they are excited to be part of the province’s economic transition. “We believe with Governor Dayanghirang and partners, the project will create tangible, long-term economic benefits to all the people in the province,” he said in a speech.

The Hong Kong based company will lead, facilitate and consolidate with foreign investors (for the projects) consisting three state-owned Chinese companies namely MCC International Incorporation, Ltd; Shenzen Energy Group; and Dezhou Chemtics Chemical Co., Ltd; and one US-based company WaterGen. The project will be composed of five major industries.

Among the structures to be constructed within the industrial park are: 2,700 megawatt (MW) liquefied natural gas (LNG) Combined Cycle Power Plant; Petrochemical Refinery; Fertilizer factory; Cement Plant; and WaterGen Manufacturing Facility.

The soon-to-rise industrial park will also feature LNG and LPG Storage and Receiving terminals, Regasification Facility; 10 million MT Storage Tanks and Terminal for crude oil, Steel Plant, International Port and Cargo Terminal, Light Industry, Textile Park, Mechanical Park, Electronic and Construction Materails, Agribusiness Park, Logistic and Commercial Park, and Manufacturing Facilities for Prefabricated homes.

Source: PNA

Davao Oriental Industrial Park Worth $24-Billion Breaks Ground Davao Oriental Industrial Park Worth $24-Billion Breaks Ground Reviewed by Phil Newsome on March 25, 2018 Rating: 5
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