30 September 1996 00:00 [Source: ICB]
A consortium of South African petrochemical and oil companies is discussing a 50:50 jv proposal from the Taiwanese for a $3.5bn greenfields petrochemical complex to be built somewhere on the southern coast, possibly in the Coega Industrial Development Zone, north of Port Elizabeth.
The detailed proposal was submitted to the South Africans by a Taiwanese delegation led by Deputy Premier, Hsu Li-Teh.
Polifin is believed to be taking a leading role in the investigation, but managing director Trevor Munday declined to give any details although he said a response would be given to the Taiwanese during October.
Speculation is rife as to the content of the package and sources are referring to past Taiwanese efforts to woo South African business (ECN 17 July 1995).
Sources have leaked suggestions that three investments options may be on the table.
But observers claim that this latest proposal may be part of wider socio-economic and political pressure by the Taiwanese to balance mainland China's efforts to persuade South Africa to sever ties with the breakaway island.
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