Taiwan's Petrochemical Industry Moves Enhance Output Value
2012/11/15 | By Steve ChuangTaipei, Nov. 15, 2012 (CENS)--With the government and makers' efforts on enhancing output value, Taiwan's petrochemical industry is expected to secure a sustainable develop in the future.
The petrochemical industry has been designated by the government as one of 10 key industries for 2020 to drive Taiwan's economy, with Premier Sean Chen instructing that advancement of the industry's quality should be prioritized.
To that end, the Ministry of Economic Affairs has finalized 43 proposals as the blueprints to bolster development of the industry, and has already pushed for the formation of six alliances among a total of 231 industry insiders as of the end of October. Plus, the ministry has also helped form nine R&D alliances among upstream suppliers to downstream manufacturers in the industry and establish five R&D centers and four functional testing platforms.
In the meantime, MOEA officials confirmed that quite a few joint ventures will be set up to handle production of high value-added petrochemical products in Taiwan, including four ones between CPC Corp. Taiwan and its partners, respectively, and five ones between Formosa Plastics Group and U.S.'s Kraton and other companies from Japan, France and Germany, next year, which are together valued at NT$40 billion.
Additionally, private investments by major insiders are also seen as a driver to the industry's sustainable development at home. For instance, CPC has invested NT$285 million to develop green energy technologies, mass production and certification process of new materials and high value-added products, as well as related applications. By 2016, the company is estimated to pour NT$2.3 billion into enhancing output value.
According to official statistics, private investments in Taiwan's petrochemical industry amounted to NT$85.8 billion as of the end of October, with NT$11.4 billion of which, mostly from Formosa Petrochemical Corp., Far Eastern New Century Corp. and Chang Chun Group, used to enhance output value.