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Taiwanese consortium to invest in China's naphtha cracking
15
Oct '13
A Taiwanese consortium is planning to invest in naphtha cracking plants in the Gulei Development Zone in Zhangzhou, located in China’s Fujian province, the Petrochemical Industry Association of Taiwan (PIAT) said, according to Focus Taiwan.
 
The consortium, comprising eight companies—Ho Tung Petrochemical Corp, Hsin Tay Petroleum Co., LCY Chemical Corp., USI Corp., Grand Pacific Petrochemical Corp.,  Asia Polymer Corp.,  BOC Lienhwa Industrial Gases Co., and TSRC Corp.—would soon file an application with the Government for investing in a petrochemical complex in China, PIAT said.
 
The consortium is planning to set up a 50:50 joint venture with China’s Sinopec Group for building oil refining and naphtha cracking plants, the association said.
 
The consortium’s application would be the first since the Taiwanese Government lifted its ban on investing by Taiwanese companies in China’s petrochemical sector on October 1, 2013.
 
According to the revised regulations issued by the Ministry of Economic Affairs, one Taiwanese company would be allowed to invest in only one naphtha cracking project on the Chinese mainland.
 
In addition, the company must give priority for supplying to Taiwan’s domestic requirements.
 
The decision to allow Taiwanese companies to invest in China was taken in view of the likely supply gap that would occur after Taiwan’s fifth naphtha cracker, run by CPC Corp, shuts down in 2015 when its license expires.
 

Fibre2fashion News Desk - India

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