CPC, Pertamina to tie up

CPC, Pertamina to tie up

TAIPEI (AFP): Taiwan's state-run Chinese Petroleum Corp (CPC) will team up with Indonesian Petroleum to set up an asphalt plant in Indonesia, the Central News Agency reported.

Under the plan, the 668-million-Taiwan-dollar (US$24 million) plant will produce 1,212 metric tons of asphalt for the Indonesian domestic market, and the project is expected to start in 1997, the agency quoted Taiwan's Commission of National Corporations as saying.

CPC will hold a 40-percent stake in the joint venture, and the cabinet here has approved the plan, the agency said.

The Taiwan government, pursuing a so-called southward policy, has asked investors to look to Southeast Asia and not put all their money into China.