CPC allies with local firms to promote high-value petrochemicals
3 January 2012 by Abdulhameed BukhamsinTaiwa-based CPC Corporation has entered into collaboration agreement with local firms and research centres to promote high-value petrochemicals.
Under the agreement, CPC will build centres for green energy research and innovative materials certification.
The company is also considering to increase its annual R&D budget from TWD1.7bn ($56.12m) to TWD5bn ($165m) over five years. This includes TWD2.5bn ($82.5m) for forward-looking research.
CPC said it will share the results of the projects with subsidiaries and other local firms, and concluded that the subsequent technology is expected to be the basis of three major investment plans with a projected output of TWD70bn ($$2.3bn) by 2017.
Taiwan's Ministry of Economic Affairs said that CPC remains firmly committed to working with its strategic partners nationwide in developing high-performance additives, engineering materials and petrochemical intermediates.
The ministry said that the developing a favourable business environment, and coordinating public and private sector resources, is needed to bridge the gaps between the upper, middle and lower streams of Taiwan's petrochemical industry.
