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MOEA may lift ban on naphtha cracking investment in China
03
Sep '11
Taiwan's Ministry of Economic Affairs (MOEA) may lift ban on investment by domestic companies in the naphtha cracking sector in China, but with some conditions.

Minister of Economic Affairs Shih Yen-shiang said that the country plans to negotiate the terms with the Chinese Government, which would be possible during the next Economic Cooperation Committee meeting that is likely to be held by end of September.

A fortnight ago, a consortium of four Taiwanese petrochemical companies signed a joint venture agreement with Chinese partners to set up a US$ 4.5 billion petrochemical project in China's Fujian Province.

The Minister said that China is yet to open its oil refinery sector to foreign investors. He also said that the Chinese Government limits the share of overseas companies to less than 50 percent in naphtha cracking joint ventures.

He stressed that the Taiwanese companies should be able to acquire a majority stake in naphtha cracking ventures in China, before they are allowed to invest there.

The Minister further divulged that in case the investment project is approved by the Government, the four petrochemical companies would have to guarantee that they would export a certain percentage of raw petrochemicals to Taiwan, so that the operation in the country can be sustained.

In addition, the investment by Taiwanese firms must be matched with similar investment from the Chinese side, he said.

Fibre2fashion News Desk - India

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