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Malaysia to get Taiwan's scrapped naphtha cracking project

15
May '12
A controversial investment project for naphtha cracking that was scrapped in Taiwan may now be set up in Malaysia.

Malaysian Prime Minister Najib Razak announced that a Taiwanese petrochemical company will invest US$ 120 billion in his country for naphtha cracking, oil refining and petrochemical production.

Following the announcement of the Malaysian Prime Minister, Taiwanese Minister of Economic Affairs Shih Yen-shiang said the firm referred to by Mr. Razak was Kuokuang Petrochemical Technology Company.

Kuokuang, in which Taiwan's state-owned oil refiner CPC Corp. has a large stake, had earlier planned to invest in setting up a naphtha cracking and petrochemical complex in central Taiwan's Changhua County.

However, the project was scrapped after concerns were raised by environment monitoring teams and local residents that the setting up of the project would result in high levels of pollution.

Since then, Kuokuang was exploring suitable overseas location for the project and it has short-listed Malaysia as a possible option, the Taiwanese Minister said.

Mr. Shih said the decision of the Taiwanese firm to set up its new investment project in a foreign country will have an adverse impact on the country's petrochemical production value chain.

The industry representatives have decided to increase their focus on manufacturing high-quality petrochemicals domestically and other petrochemical intermediaries in foreign countries, he added.

He assured that the Ministry will put in efforts to help technological upgradation in the Taiwanese petrochemical industry in order to reduce the adverse impact of investment in overseas projects.

Fibre2fashion News Desk - India


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