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Taiwan to invest in 20 new petrochemical projects

27
Jul '12
Forming a part of the Government’s efforts to boost the petrochemical sector of the country, Taiwan’s Ministry of Economic Affairs (MOEA) proposes to launch 20 new projects this year.
 
According to MOEA’s High-Value Petrochemical Industry Promotion Office (PIPO), the total cost of the proposed projects would come to around NT$ 100 billion or US$ 3.3 billion.
 
Besides major investments, the Ministry also proposes to set up at least three petrochemical research and development centres in Taiwan.
 
Established on December 31, 2011, PIPO has been tasked with overseeing the transformation of the country's petrochemical industry into a high-value manufacturing sector.
 
As per the data released by the Industrial Economics & Knowledge Center - Industry & Technology Intelligence Services (IEK ITIS) project operated by the Industrial Technology Research Institute, growing at an annual rate of 4.7 percent, the petrochemical sector in Taiwan generated a production value of NT$ 1.9 trillion last year.
 

Fibre2fashion News Desk - India


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