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.