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| Taiwan oil refiner's RM42bn <b>Pengerang</b> plan in doubt: Reports Posted: 15 Aug 2013 01:15 AM PDT Taiwan's Chinese Petroleum Corporation, the major shareholder of Kuokuang Petrochemical Technology Corporation (KPTC), has indicated that it is scrapping its investment plan in Pengerang in Johor, according to reports. Local news reports have highlighted a report in Taiwan's Commercial Times saying that CPC chairman Lin Sheng-chung has confirmed that Kuokuang had cancelled the RM42bn plan as a result of new trends in the industry. According to blog visitor Jayson, the reports have appeared in the front pages of the local Chinese press here (Oriental Daily) and here (Nanyang). Johor Petroleum Development Corporation officials are reportedly unhappy they had not been informed prior to the CPC announcement. See an English translation (in fz.com) of the reports in the Chinese press. An earlier report in the Commercial Times said the shale gas exploitation in United States has resulted in a radical change in the industry. See an earlier fz.com report here. (Now, shale gas extraction raises fresh environmental concerns. More on this, later.) Meanwhile, an executive working in the petroleum industry told me that very few new conventional oil refineries are being built these days. The Kuokang refinery project, KPTC – Malaysia Integrated Refinery and Petrochemical Development (KPTC-MIRPD), is one of three synergistic components in the mammoth Pengerang Integrated Petroleum Complex (PIPC) project, the other two being a deep water wharf terminal and Petronas' Refinery and Petrochemical Integrated Development (Rapid). The Kuokang project had been opposed by residents of Taiwan over environmental concerns, prompting its relocation to Pengerang, where it was also hit by similar protests. Pengerang residents no doubt will be rejoicing over the Taiwan firm's latest decision. But the KPTC site in Pengerang only makes up 10 per cent of the 22500-acre PIPC site. In an unrelated development, the African nation of Chad has just announced the expulsion of China National Petroleum Corporation, the state oil corporation of China, over "intolerable" pollution and environmental damage. |
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