Kuokuang Petrochemical Technology Co. is set to officially call back application: could means end of project

28-Apr-11

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, as per Fibre2fashion. 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% stake. Private shareholders, who jointly hold majority shares in the Kuokuang project, have power to compel Kuokuang to keep the project going, which seems highly unlikely as the country’s President has also turned down the project.