Taipei, A plan by state-owned oil company CPC Corp., Taiwan to relocate its closed Kaohsiung naphtha cracker plant to Indonesia fell through on Monday after its Indonesian partner nixed the move, the Taiwanese company has announced.
Pertamina, Indonesia's state-owned oil and gas company, ended up seeing the move as being too costly and felt the funds that would have been devoted to the CPC plant could be used instead to build a new naphtha cracking plant, CPC said.
CPC had been in talks to set up a joint venture with the Jakarta-based company to move its fifth naphtha cracker plant to the Indonesia.
The Taiwanese oil giant closed the complex based in Kaohsiung's Nanzih District (??) in 2015 amid rising environmental awareness in Taiwan and has been looking to sell it.
CPC Vice President Ann Bih (???) said the top priority now will be to complete the dismantling of the plant by year-end and then decide whether to reuse some of its parts in its other refineries or put the dismantled plant up for sale through an open tender.
Source: Focus Taiwan News Channel