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CPC backs off from controversial Kuokuang project
27
Apr '11
Chen Bao-lang, Chairman of the Kuokuang Petrochemical Technology Co. informed legislators that, his firm is set to officially call back the application for assessment of ecological effects of its plan of constructing a naphtha cracker plant in Changhua County, which apparently means an end of the project.

The state-run CPC Corp., during a Board Meeting on April 27, would request the Environmental Protection Administration to cancel its application for environmental assessment. Besides, CPC would also discuss future prospects of the petrochemical firm with other private shareholders, during the meeting.

As revealed by Chen during a parliamentary hearing, CPC Corp. is the sole largest shareholder of the Kuokuang project, holding around 43 percent stock.

The private shareholders, who jointly hold majority shares in the Kuokuang project, have power to compel Kuokuang to keep the project going, but there are meagre possibilities, as President Ma Ying-jeou has also turned down the project.

Around NT$900 billion has already been invested in the project by now, with NT$630 billion in the first phase in Changhua and the rest for construction of the second phase.

According to an expert, after closure of the Taiwan's Kaohsiung based fifth naphtha cracker plant, CPC Corp. would increase ethylene imports, to meet the shortfall of over 300,000 tons of the vital raw material.

Fibre2fashion News Desk - India

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