Plans are underway in Taiwan for the construction of a multi million dollar complex by staterun Chinese Petroleum Corp (CPC) and the Formosa Plastics Group. The two plan to build multi-billion dollar heavy industrial complex on the same site in the central part of the island.
CPC, the island's largest refiner, plans an investment of T$370bil (US$11.6bil) for a 300,000 bpd refinery complex, including a naphtha cracker with an annual capacity of 1.2 million tons of ethylene, to be completed by 2010. The refinery would eventually be expanded to 450,000 bpd, and is planned as a replacement for CPC's 270,000bpd Kaoshiung refinery, which the government plans to shutdown by 2015.
CPC is working towards signing up a group of Taiwanese companies to jointly invest in the complex. So far 10 petrochemical firms and 2 financial companies have committed to the venture, to be formed in February.