Business Services Industry
SAUDI ARABIA: Joint venture construction plans for proposed $3,500,000,000 naphtha cracker and associated petrochemical plants move ahead, CHINESE PETROLEUM CORP. (CPC) [Taiwan] & SAUDI BASIC INDUSTRIES (SABIC) [Saudi Arabia] - Order #: 103904.
WWP-Business Opportunities in Africa & the Middle East, October, 2004
PROJECT OVERVIEW:
Taiwan-based CHINESE PETROLEUM CORP. (CPC) has faced difficulties in acquiring land to build a chemical plant in its home country for the past 5 years. In addition, the company has been facing increasing competition from FORMOSA PETROCHEMICAL CORP., another oil refiner and naphtha cracker that operates in the country. In addition, since the company considers that there is limited growth in the domestic market it is now looking for development opportunities elsewhere.
As a result, CPC is presently studying the possibility of installing a plant in Saudi Arabia to produce chemicals used in plastics. In so doing, the company is said to be considering the establishment of a 50:50 joint venture with the local SAUDI BASIC INDUSTRIES...
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