May. 14, 2012 (China Knowledge) - Kuokuang Petrochemical Technology Co, 43%-owned by CPC Corp, an oil company based in Taiwan
, is evaluating whether to invest in a refining and petrochemical project in Malaysia, said Jessica Tang, a spokeswoman for CPC.
Tang added that Kuokuang may spend between US$10 billion and US$12 billion on the project, which is designed to have an oil refinery with a daily processing capacity of 150,000 tons and a naphtha cracking facility with an annual output capacity of 800,000 tons.
Ming-Huei Chen, vice presidents of CPC, said the project is still waiting for approval from the Taiwan government, adding that the final decision to invest in the project would be made by middle of next year.
The proposed Malaysian facility is expected to replace CPC's existing 220,000-ton refinery in Kaohsiung, Taiwan
, as the backward refinery will be shut down in the near future, sources reported.