Kuokuang Petrochemical Technology Co is planning to shift chemical project worth US $12 billion to the Middle East (ME).
After failing to get clearance from Government and acquire land, company may move from Yunlin in western Taiwan to other site.
Chinese Petroleum Corp, 43 percent stake holder of the company, may also invest $5 billion in the ME.
The company is considering Saudi Arabia, Oman and Abu Dhabi as favorable destinations.
For past ten years, it failed for second time to build an ethylene plant in Taiwan and facilities in Kaohsiung, southern Taiwan is scheduled to be shut down by 2015 because of complaints about pollution from residents.
marketing@alchempro.com
