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Business

Taiwan Advances Big China Project

by Jean-François Tremblay
October 21, 2013 | APPEARED IN VOLUME 91, ISSUE 42

A consortium of eight Taiwanese chemical firms is negotiating with the Chinese oil company Sinopec to build a refinery and petrochemical complex in China. Featuringa 1.2 million-metric-ton-per-year naphtha-based ethylene cracker, the project could cost as much as $15 billion to build, says Jack Hsieh, executive manager of Taiwan’s Petrochemical Industry Association. Talks have been ongoing for about two years, Hsieh adds, but Taiwan’s Oct. 1 lifting of restrictions on investment in petrochemicals and oil refining in China improved the project’s likelihood. The complex would be built on reclaimed land on the Gulei peninsula in the coastal province of Fujian.

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