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Hanjin Heavy not pulling out of Mindanao, insists local government

Hanjin Heavy not pulling out of Mindanao, insists local government

Manila: The provincial government in the southern Philippine island of Mindanao and the Phividec Industrial Authority have dismissed reports of an alleged decision by South Korea's Hanjin Heavy Industries& Construction to pull out of its commitment to build a $2-billion shipyard complex, local paper Business World reports. Misamis Oriental Governor Oscar S. Moreno said Hanjin officials had signed an extension agreement of an earlier memorandum of understanding. The memorandum expired last month, but Mr. Moreno said the extension period would be until March next year. The chairman of the company, the governor said, had informed the Office of the President about specific support that Hanjin needs to resume work at its project site here. The governor said Hanjin wanted to be given the same perks extended to locators at the Subic Bay Freeport. It also wanted the government to designate a single agency that it will be dealing with. Hanjin Heavy's entrance into the Philippines has been mired in controversy, however its Subic operation in the northern island of Luzon has now delivered its first ships and owners are happy with the quality. [24/11/08]

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