Taiwanese refiner CPC Corp shelves Johor petrochemicals project

KUALA LUMPUR: Taiwan’s CPC Corp has shelved its plans for a multi-billion US dollar integrated refining and petrochemical complex in Pengerang, Johor, reports said on Thursday.

CPC unit Kuokuang Petrochemical Technology Company’s move to scrap the project was because it was no longer competitive, Bloomberg quoted a spokesman with CPC.