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. Last Updated: 07/27/2016

CPC Plans Complex

TAIPEI, Taiwan -- State-owned Chinese Petroleum Corp. signed a letter of intent Monday to build a 600 billion Taiwan dollar ($18 billion) petrochemical complex in southern Taiwan.

The complex, one of the largest petrochemical projects ever proposed in Taiwan, would be built on salt flats in mostly agricultural Chiayi County, about 200 kilometers southwest of Taipei, according to a statement from the county government.

The project would create 20,000 jobs in the economically depressed area during its construction and employ at least 2,000 people permanently once it is up and running, said the company, one of Taiwan's largest firms.