Taiwan oil giant eyes RP

Taiwan oil giant eyes RP

TAIPEI (Reuters): Taiwan's Chinese Petroleum Corp on Friday revealed plans to build a US$600 million petrochemical plant in the Philippines, a move seen as way of coping with the loss of its domestic energy monopoly.

Spokesman Liao Chung-lung said the plant would be jointly invested by Philippines Petrochemical Development Corp and Japanese trading house Itochu Corp, though he declined to break down what each partner would invest.

Liao said that in principle, Chinese Petroleum would oversee production, while Itochu would handle marketing of the plant's output, suggesting the investors had their eye on the Asian export market.

A final decision on whether to proceed with the project would be made by the end of 1999, but Liao noted it already had received Philippine government approval.