Taiwanese consortium applies for approval to set up petrochem JV with Sinopec Group on the Mainland

04-Jan-14

A group of Taiwanese companies have applied to the Investment Commission for approval to set up a joint venture with China's Sinopec Group to build a petrochemical complex on the Mainland, as per Reuters. The plan, which would be the first of its kind since Taiwan lifted a ban last October to allow local companies to build naphtha cracking facilities in China, would require the companies and an unidentified unit of Sinopec to hold a 50% stake each, said the Commercial Times. Total investment for the project would be US$15 bln for the facility planned to be located in the Gulei Development Zone in Zhangzhou in Fujian Province. The complex will include oil refining and naphtha cracking plants.