San Miguel Corp will be the new partner of the Romero family in its North Harbour venture after its partnership with Metro Pacific Investment Corp (MPIC) fell apart.

 

The company said it is eyeing a grains terminal in the 52.5 hectare port after talks for the acquisition of the Bataan grains terminal broke down.

 

The Romero's Harbour Centre Port Terminal Inc won the right to rehabilitate North Harbour and operate it for 25 years via Manila North Harbour Port Inc, a 65:35 joint venture with MPIC.

 

The rehabilitation is expected to cost at least PHP14.5 billion (US$312.33 million). The programme calls for the construction of three ports to handle cargo and passengers.

 

San Miguel entry into the North Harbour has been approved by the Philippine Ports Authority.

 

The company said it "does not intend to be involved in the actual port operations as that remains the expertise and responsibility of the Romero's." The grains terminal will service the needs of San Miguel's food and beverage businesses.

 

Besides, North Harbour provides other synergies with its businesses, particularly its offshore areas which can provide "the ideal location for a tank farm that will replace the Pandacan oil depot."

 

"San Miguel's affiliate, Petron, thus is very keen on the investment as well," it said.

 

Manila North Harbour took over the port in April.