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Fifth naphtha cracker's future to be decided by 2013
07
Jun '11
Taiwan's fifth naphtha cracker at Kaohsiung, owned by CPC Corp., Taiwan may not be handed over to Kuokuang Petrochemical Technology Company, when it is closed down in 2015.

Chu Shao-hua, Chairman of CPC Corp., has said that the Government is negotiating with the inhabitants of Houching for postponement of the scheduled closing down of the naphtha cracker in 2015.

He added that a decision regarding the future of the facility, including on the question of its relocation overseas will be decided by 2013.

On the contrary, Chairman of the Far Eastern Group, Douglas Hsu expects that Kuokuang will take over the naphtha cracker in Kaohsiung when it permanently closes down in 2015.

While CPC Corp. has a 43 percent share in Kuokuang, Far Eastern Group has a share of 20 percent.

President Ma Yng-jeou had stopped the Changhua-based Kuokuang's petrochemical development project in April this year. After this, options remain open for Kuokuang to relocate either to mainland China or to such other countries where there is raw material availability and favourable economic conditions.

However, both Mr. Chu and Mr. Hsu agreed that staying in Taiwan would be the first preference for Kuokuang, which produces high-end petrochemical products.

Fibre2fashion News Desk - India

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