Under the MOU, a 1,500- hectare industrial park will be constructed in Banaybanay, a Davao Oriental municipality and part of the plan is to establish an international port for cargo vessels.
The project includes a liquified natural gas storage and processing facility, oil refinery and petrochemical plant, and a 2,700MW power plant, among others.
The Public-Private Partnership (PPP) project will be composed of 1200MW liquefied natural gas combined cycle power plant; chemical industrial park; water-generation manufacturing facility; LPG & Storage Terminal; 20M metric tons refinery; Petrochemical Complex; and a storage facility together with an associated Terminal and International Port and Cargo Terminal.
The project in Davao Oriental will rise in a 1,000-hectare area. The location is being considered strategic because of the presence of the Davao Gulf.Pionaire Finance limited and investors emphasized that with the project’s realization, the community’s welfare will be taken care of.
Initiatives in putting up hospitals, school, environmental, disaster preparedness, and housing projects and relocation sites will be part of the ambitious project.