CPC plans US$6.6 billion petrochemical project in India
Jul 31, 2018Business & FinanceComments Off on CPC plans US$6.6 billion petrochemical project in India
New Delhi, State-owned oil refiner CPC Corp., Taiwan announced Tuesday that it plans to invest US$6.6 billion in a petrochemical development project in India.
The announcement was made by CPC President Lee Shun-chin (???) at a meeting with Dharmendra Pradhan, India's Minister of Petroleum and Natural Gas, and Sanjiv Singh, chairman of Indian Oil Corp., the country's top oil refiner.
A location for the development project has yet to be decided, Lee told CNA, revealing only that it could either be Mundra Port in Gujarat or Paradip, a seaport town in the eastern state of Odisha.
According to Lee, the decision will be finalized at the end of September, following a final assessment by Axens, a renowned French consulting firm that has been contracted to handle the project.
Besides helping India to upgrade its petrochemical technology to meet domestic market demand, the CPC project is expected to create some 30,000 local jobs, Lee said.