CPC mulls moving naphtha cracker plant to RI
Thursday, November 30 2017 - 02:09 AM WIB
Taiwan?s state-owned fuel company CPC Corp is considering relocating its Kaohsiung naphtha cracker plant to Indonesia, following the closure of the plant in 2015 amid environmental concerns in Taiwan, according to a report.
Minister of Economic Affairs Shen Jong-chin said on Wednesday CPC will complete its assessment of the relocation plan by next January.
The oil refinery in Kaohsiung, called the fifth naphtha cracking plant, was closed in 2015 amid rising awareness of environmental protection in Taiwan, news portal focustaiwan.tw reported.
CPC had said earlier that it had signed memorandums of understanding (MOUs) with both Indonesia and India on October 6 and was evaluating the two countries to decide where to move its refinery.
On Wednesday, CPC spokeswoman Ann S.C. Bih told reporters after the legislative meeting that the state-owned company was looking at a NT$170 billion investment project in India.
CPC is planning to invest in a petrochemical zone in India and is inviting midstream and downstream businesses in the oil and gas industry to take part in the project, she said.
Talks with potential investors in India are still ongoing and a formal assessment is expected to be completed by mid-2018, Bih said.
Both projects are being carried out under the government's New Southbound Policy, which aims to increase economic and other exchanges with neighboring countries. (*)