CPC Corp. (Taipei, Taiwan), a state-owned energy group, says it has scrapped plans to build a petrochemical complex at the Mundra special economic zone in India’s Gujarat State. CPC had been in talks with the Adani (Ahmedabad, India) conglomerate to form a joint venture (JV) for the project. However, after assessing the likely investment costs, based on estimates from the consultant Axens Horizon, CPC says the proposed project would be too expensive.
The project would have cost an estimated NT$400 billion ($12.95 billion), according to Axens, which carried out an assessment from July to November last year. This was more than twice CPC’s original estimate. CPC says it has decided to find another location in India for the petrochemical project and will establish an office in the country to learn more about its investment environment, taxation system, and related regulations.
Adani last week announced a partnership with BASF to evaluate a petrochemical JV at Mundra in the C3 value chain. That project will include a propane dehydrogenation facility, together with oxo alcohols, acrylic acid, and acrylates plants, and will cost an estimated $2.3 billion.
CPC says that under the Taiwan government’s New Southbound Policy, it will continue to seek investment opportunities in India. CPC says it is in talks with Indian companies including state-run Indian Oil, and Oil & Natural Gas Corp., on cooperation and investment opportunities.
Indian Oil said last year that CPC planned to invest $6.6 billion at Indian Oil’s Paradip refinery to build a steam cracker and downstream petchem units. CPC has been looking to invest outside Taiwan because it is almost impossible to obtain permits for petrochemical projects in that country. The company is also in talks with Pertamina to establish a petchems JV in Indonesia.
By Natasha Alperowicz
Source: Chemical Week
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