Taiwan’s Kuokuang Petrochemical Technology is in discussions with the government to take part in the $120bn oil refinery and petrochemical project proposed by Malaysia’s state oil enterprise Petronas.
State-run oil refiner CPC Corporation Taiwan, which owns a 43% stake in Kuokuang Petrochemical, announced that the company plans to invest $10bn – $12bn in the mega project, if the talks are successful.
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Kuokuang Petrochemical is now waiting for the approval of Taiwan’s authority for the new integrated complex in southern Johor, reports China Economic News Service.
CPC Taiwan also revealed that it will complete a feasibility study for the proposed cooperation project by May 2013.
The project will be capable of processing 10,000 barrels of crude oil per day and 800,000t of petroleum per year at initial stage.
Petronas is currently in talks with about ten potential partners for the development of the project and is expected to finalise the entire project by mid-2013.
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By GlobalData
