UAE firm enters Taiwan petrochem project

John Westbrook
OGJ Correspondent

TAIPEI, June 28 -- Chinese Petroleum Corp. Chairman Kuo Chin-tsai confirmed that UAE-based International Petroleum Investment Co. (IPIC) has signed a memorandum of understanding to purchase a stake in an $11.6 billion petrochemical project at Yunlin in western Taiwan. Kuo made his statement while meeting with reporters during a recent national energy conference in Taipei.

The proposed petrochemical project, which will include a 300,000 b/d refinery, is intended to replace a facility in Kaohsiung that CPC has promised to shut down by 2015.

While Kuo did not provide any details about the agreement, several Taipei newspapers had earlier reported that IPIC planned to purchase a 20% stake in CPC affiliate Kuokwang Petrochemical Co.