Petrochemical Industry Association of Taiwan has started making preparations for the set-up of Taiwan petrochemical industry zone in Quangang petrochemical industry park in Quanzhou City of Fujian Province, the Shanghai Securities News reported.
According to the local government, the Taiwan petrochemical industry zone will involve a total investment of US$6 billion, covering an area of 4.6 square kilometers.
The zone will house 53 petrochemical projects upon completion of the construction. The ethylene cracking facilities will be built with an annual production capacity of 1 million tons. It is estimated that, along with the supporting facilities, the key ethylene cracking project will realize annual sales of RMB 70 billion.
Meanwhile, Taiwan petrochemical industry zone is expected to attract both upstream and downstream enterprises to form the complete industry chain. Therefore, the added sales revenue is expected to exceed over RMB 100 billion per year.
So far, more than 20 enterprises from Taiwan invested over US$220 million in the petrochemical zone.
Furthermore, Taiwan-based TSRC Corporation reached an agreement with a local enterprise in Fujian Province to launch a Styrene butadiene rubber (SBR) project in Quangang.
By 2020, Quangang petrochemical industry park is expected to have an annual capacity of refining 24 million tons of oil, producing 3 million tons of ethylene and over 1 million tons of synthetic resin and synthetic fibre respectively.
Tags: Petrochemical, Quangang petrochemical industry, Taiwan News
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