Alexa

CPC to promote higher value of petrochemical industry

CPC to promote higher value of petrochemical industry

Taipei, Dec. 30 (CNA) The CPC Corp., Taiwan on Friday signed a strategic alliance with the industrial and academic sectors on cooperation and research to promote the higher value of the petrochemical industry. CPC President Lin Mao-wen signed the strategic alliance with five enterprises, five research institutes and five universities. CPC Chairman Chu Shao-hua said over the past five decades, the petrochemical industry has been the foundation of the economy, noting that annual output value of the domestic petrochemical industry amounts to over NT$1.8 trillion. Due to a rise in environmental protectionism around the world, however, the development of Taiwan's petrochemical industry has been constrained, Chu pointed out. But Taiwan certainly cannot do without the industry, Chu said, adding that its development will move along the line of "green energy, low carbon, higher value and meeting environmental protection requirements." He also said that the CPC will increase the company's fund for research and development to an estimated NT$5 billion annually from the present NT$1.7 billion within five years. (By Huang Chiao-wen and Lilian).