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MALAYSIA PRESS-Taiwan's Kuokuang to set up $10.99 bln plant in Johor-The Edge Malaysia
July 16, 2012 / 1:18 AM / 5 years ago

MALAYSIA PRESS-Taiwan's Kuokuang to set up $10.99 bln plant in Johor-The Edge Malaysia

The Johor government and Taiwan's CPC Corp (formerly known as Chinese Petroleum Corp) quietly signed an agreement early last week to build a $10.99 bln (35 billion ringgit) petrochemical complex in Pengerang, Johor.

Financial executives close to the deal say CPC's 43 percent unit, Kuokuang Petrochemical Technology Co, will be taking the lead in building the complex. Other than CPC, Kuokuang's other shareholders include Ho Tung Chemical Corp, Oriental Union Chemical Corp and China Man-Made Fiber Corp.

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$1 = 3.1840 Malaysian ringgits

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