Forum fuels cross-Straits co-op in petrochemical industry

The cooperation in petrochemical industry between Fujian and Taiwan has broad prospects, given their close ties and great economic complementarity, senior officials and entrepreneurs noted Monday.

Fujian boasts a solid industrial foundation and prominent edges in terms of policies and transportation in developing petrochemical industry, said Zheng Jianmin, vice governor of Fujian.

According to Zheng, petrochemical is among the three pillar industries in Taiwan. The tie-up of Fujian and Taiwan in the industry is based on the bilateral complementarity in strengths and is set to expand cross-Straits links.

Zheng made the remarks at a sub-forum of the 2018 Cross-Straits Entrepreneurs Summit held in Zhangzhou, where a national-level industrial park - Gulei Petrochemical Industrial Park - is based.

In the park, Fujian and Taiwan inaugurated a joint venture - Fujian Gulei Petrochemical Co - in 2016, seeking bilateral integration and cooperation in the sector.

The world economic landscape is undergoing profound changes and fossil fuels, if viewed from a general picture, will remain unchanged as the primary source of energy in a long run, said Lei Dianywu, deputy chief executive officer of the Sinopec Corp, adding that situation will pose both challenges and opportunities for the cross-Straits petrochemical businesses.

To tackle these, more efforts should be in place to further the integration of cross-Straits petrochemical industrial chains and to leverage respective advantages so as to increase the global competitiveness and achieve a win-win result, he suggested.