CPC Corp in talks with RI firm for transfer of cracker

Taiwan?s state-run oil refiner CPC Corp is in talks with an Indonesian company to transfer one of its naphtha cracker complexes from Kaohsiung to Indonesia, a local report said Thursday.

The 25-year-old naphtha cracker in Kaohsiung is scheduled to close before the end of this year.

CPC Chairman Lin Sheng-chung was quoted by taipeitimes.com as saying that many foreign companies from developing nations have approached CPC hoping to purchase the facility.

"The talks with the Indonesian company are more promising compared with other companies, and we plan to settle the details before the end of this year,? Lin said, but did not disclose the name of the Indonesian firm.

The Indonesian company plans to purchase not only the naphtha cracker, but also the technology as well as operation and maintenance know-how, Lin said, adding that the unnamed company had proposed that CPC co-invest in Indonesia.

Negotiations are ongoing, as the two parties discuss details such as whether CPC could purchase products from the cracker in the future or whether they would be sold only in Indonesia, Lin said.

"I will personally visit Indonesia soon to discuss the details of the transaction,? he said.

CPC will ?definitely? find a buyer for the naphtha cracker before the end of this year, he said. (*)