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CPC opens office in India, plans to set up joint petrochemical factory

February 19/2020

MOSCOW (MRC) -- State-run oil supplier CPC Corp., Taiwan has recently opened a representative office in New Delhi as part of its plans to set up a plant in India and forge ties in the petrochemical industry here, reported TaiwanNews.

At the opening ceremony, CPC President Lee Shun-chin said the New Delhi office was symbolic of the company's efforts to establish a presence in India in support of Prime Minister Narendra Modi's "Make in India" policy.

In addition, Lee said, CPC's decision reflected the Taiwan government's New Southbound Policy that promotes exchanges with the Association of Southeast Asian Nations (ASEAN), South Asian countries, Australia and New Zealand in a bid to reduce Taiwan's economic reliance on China.

With the establishment of CPC's representative office in New Delhi, the company will be able to forge cooperation with businesses in India's petrochemical industry, Lee said.

CPC is currently in negotiations with the government-owned Indian Oil Corp. to jointly set up a USD800 million plant in India to produce propylene derivatives, he said.

Propylene derivatives, which are usually used in the production of a wide range of items such as acrylic resin and raw materials for computer monitors, are in short supply in India, according to Lee.

With India's huge population and fast-growing economy, demand for propylene derivatives is expected to rise sharply, he said.

Also on Monday, during a visit to India's Ministry of Commerce and Industry, Lee and a delegation from CPC's investment division said the company was willing to bring Taiwan's petrochemical product development technology to the South Asian country to boost bilateral economic exchanges.

Lee said he envisioned an expansion of CPC's business in India and diversification of its product portfolio under Taiwan's New Southbound Policy and Modi's Make In India initiative.

Commenting on the CPC investment, Tien Chung-kwang, Taiwan's de facto ambassador to India, said it turned a new page in relations between Taiwan and India.

As MRC informed earlier, CPC Corporation took one of its naphtha crackers off-stream on 8 November 2019 for major maintenance work. The cracker number 4 remained offline for about 65 days and resumed operation by mid of January 2020. The No. 4 unit has an annual capacity of 380,000 tons/year of ethylene and 193,000 tons/year of propylene.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).

CPC Corporation, Taiwan, is engaged in the exploration, production, refining, procurement, transportation, storage, and marketing of oil and gas. The company provides fuel oil, including automotive unleaded gasoline and diesel fuel, low-sulfur fuel oil, marine distillate fuels, marine residual fuels, and aviation fuel; petrochemicals, such as ethylene, propylene, butadiene, benzene, para-xylene, and ortho-xylene; liquefied petroleum gas products comprising liquefied petroleum gas, propane, butane, and a propane/butane mixture; lubricants, motor oil, industrial oil, grease, and marilube oil; SNC products, including petroleum ether, naphtha, toluene, xylene, crude octene, methyl alcohol, normal paraffin, viscosity-graded asphalt cement, and sulfur; and natural gas.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, PP random copolymer, propylene, ethylene, petrochemistry, CPC, Indian Oil Corp, India, Russia, Tayvan (Kitay).
Category:General News
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