Taiwan’s state-run oil supplier CPC Corp opened an office in New Delhi this week as part of its plans to set up a plant in India and forge ties with the nation’s petrochemical industry. At the opening ceremony, CPC president Lee Shun-chin said the step symbolises efforts for a presence in India to back Prime Minister Narendra Modi’s Make in India initiative.
Lee said CPC’s decision also reflected the government’s new south-bound policy that promotes exchanges with the Association of Southeast Asian Nations (ASEAN), South Asian countries, Australia and New Zealand to reduce Taiwan’s economic reliance on China, according to a report by a Taiwanese TV channel.
CPC is currently negotiating with the Indian government-owned Indian Oil Corporation to jointly set up a $800-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.
The company is also ready to bring Taiwan’s petrochemical product development technology to India to boost bilateral economic exchanges.
Source: Fiber2Fashion
Image Courtesy: REUTERS
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