BHUBANESWAR: CPC Corporation, a State-owned petroleum company of Taiwan, has proposed to invest in a petrochemical project in the coastal town of Paradip.This was informed by Union Minister for Petroleum and Natural Gas Dharmendra Pradhan after a meeting with high level Taiwanese delegation in New Delhi on Tuesday.
“Met with a delegation led by president of Taiwan’s State-owned petrochemical company, CPC Corporation. They propose to invest USD 6.6 billion in petrochemical projects in Paradip using feedstock from IOC,” Pradhan tweeted.
Pradhan said it was a preliminary discussion with the Taiwanese delegation comprising president of CPC Corp Shun Chin Lee and senior officials of Taiwan Government. The group led by Lee will visit Paradip to explore the possibility of investment.
The delegation will also hold discussion with State government officials. If everything goes as per plan, the Taiwanese company will work out its investment plan in collaboration with Indian Oil Corporation (IOC) which is operating a refinery plant at Paradip.