CPC has entered into a joint venture with some private companies to form Kuokuang Petrochemical Technology Co (KPTC).The state-owned oil refiner CPC Corp, Taiwan recently revealed that the Kuokuang Petrochemical Park investment project will undergo a proportional reduction so that it can pass the environmental impact assessment (EIA).

According to the CPC Chairman – Chu Shao-hua, initially there will be a cutback in the investment from over NT$900 billion (US $30.87 billion) to NT$600.5 billion.

He also pointed out that the estimated production of the oil refinery is likely to be reduced from 450,000 barrels to 300,000 barrels a day, whereas the projected ethylene yield is expected to be decreased from 2.4 million tons to 1.2 million tons every year.

He said that the number of units in the petrochemical park will be reduced to 25 from 41 with its overall area coming down to 1,900 hectares from 2,600 hectares.

CPC has entered into a joint venture with some private companies to form Kuokuang Petrochemical Technology Co (KPTC).

According to Chu, around 43 percent of the total investment that is NT$250 billion will be invested by CPC.

The result of the environmental impact assessment is likely to come out either in the end of February or in the beginning of March, this year.

The project was under consideration since 1990s. The proposed site of the park has also undergone several changes owing to the protests made by the local inhabitants.

The local inhabitants as well as the environmentalists have raised objections to the plan, saying that it would lead to irreparable damage to the flora as well as fauna of the region and put the marine life under serious threat as the ecosystem of the region has already become fragile.
POST: 2024-11-25