MASINLOC PORT INFORMATION

Dutch consortium plays role in development of Masinloc port
5/26/00

A Dutch consortium, along with the Smith group and the US's Kaiser Engineering, has signed a memorandum of understanding for development of the port of Masinloc.

The Dutch group is led by Rotterdam Municipal Port Management and includes towage operator Smit Internationale, Ballast Nedam and an unnamed bulk operator.

The four-phase project is estimated to cost $1.7 billion. Masinloc, with an existing power plant, deep water and location on the main South China Sea shipping route, is in a good position to become a regional transhipment hub as well as serving the direct hinterland.

The facility, formerly a private port, is mostly handling minerals and coal for the mining operations in Masinloc.

The Masinloc (Benguet Pier) is situated on the South China Sea coast approximately 100 km north of Manila. The port can accommodate ships of up to 30,000 DWT.

The project has been forwarded for approval by the government through the regional development council.


June 22, 2001

The Netherland embassy and Masinloc project consortium visited President Gloria Macapagal-
Arroyo last April 18 to present the build-operate-transfer project and request for a reaffirmation
and continued government support.

Cornelis Boom, representing the Dutch companies, described the different project components
as well as 27 other Dutch companies which committed to join the project.

Consortium chairman Victor Gamboa explained positive outcome of the just completed positive
pre-feasibility study and the need to immediately undertake the detailed studies in close
cooperation with the government.