Focus Taiwan
Date: 06/05/2020
By: Yang Shu-ching and Frances Huang

Taipei, June 5 (CNA) Taiwan's state-run oil supplier CPC Corp. on Friday signed an agreement with its counterpart in Indonesia PT Pertamina to build a naphtha cracking plant in the Southeast Asian country, according to a statement released by the Taiwanese partner.

CPC said through the agreement, both sides confirmed their intent to set up a naphtha cracker, while the Taiwanese firm did not indicate in the statement where the plant will be built and the value of the deal.

Last week, Sindonew, the Indonesian news media reported that the new petrochemical complex will be located in Balongan, West Java.

Commenting on the agreement, CPC's Vice President J.Z. Fang (方振仁) said the value of the joint investment will total NT$250 billion (US$8.36 billion) with CPC and Pertamina to hold a 45 percent stake each.    [FULL  STORY]