Chinese metal pipe firm to invest $35M in Clark plant
August 29, 2009 by Administrator
Filed under Features
Clark Development Corp. (CDC) president Benigno Ricafort (second from right) congratulates HLD Clark Metal Pipe Co. Inc. president Feng Zhenwei during the exchange of lease accord documents that will pave the way for the establishment of metal pipe plant inside the Clark Free Port. Also in photo are Gao Wenge, HLD Clark Metal Pipe vice president; and Philip Jose Panlilio, CDC executive vice president.
CLARK Development Corp. (CDC) announced that a Chinese metal pipe firm is set to pour more than $35 million for the establishment of a metal pipe-fabrication plant inside this free port following the signing of a lease agreement last week.
CDC president Benigno Ricafort said the state-run firm signed a lease agreement with HLD Clark Metal Pipe Co. Inc, headed by its president Feng Zhenwei.
Gao Wenge, HLD Clark Metal Pipe vice president, was also present during the signing of the 25-year accord with the state-owned corporation.
Ricafort said the pipe firm is a subsidiary of Huludao City Steel Pipe Industrial Co. Ltd, which was founded in September 1993, specializing in producing high-frequency straight-line welding pipes, being used as casing pipe for petroleum products.
The project will be the first of its kind in Clark and among the biggest industrial investors that saw the potential of the free port as investment haven in Asia, said Ricafort. The metal pipe project is expected to fabricate carbon steel, carbon steel pipe and petroleum pipe.
Ricafort said the project will be located on a 52,700-square-meter raw land along MA Roxas Highway inside the free port. The metal pipe plant is expected to employ 160 workers in the first year of operations of the Chinese firm.
