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China: Petrochemical joint venture worth $7B applies for regulatory clearance

By  |  October 14, 2013

Eight petrochemical firms within China have reportedly applied to China’s Ministry of Economic Affairs to invest up to $7 billion in a proposed joint venture following regulatory removals of some barriers on China-bound investments, according to reports.

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    The application follows the October 1 removal of some restrictions on industry firms based in Taiwan investing within the country, though regulators will still require the companies to hold at least a 50 percent stake in any joint venture.

    Reports say the eight petrochemical companies are looking to invest in the joint venture with China’s Sinopec Corp. According to the ministry, however, the Investment Commission has not yet received the application.

    If approved, the companies will look to construct oil refineries. But Petrochemical Industry Association of Taiwan chairman Jack Sheih said Monday that such plans are in their “rough draft” phase.

    Full Content: Taipei Times

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