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The Petrochemical Industry Association of Taiwan announced Monday that a group of eight Taiwanese companies is planning to invest in the construction of a large petrochemical complex in China, the China Post reported.

According to the association's spokesman Jack Shieh, the consortium plans to form a joint venture with Chinese giant Sinopec Group, with each party holding a 50 percent share of the complex. The petrochemical facility will be located in the Gulei Development Zone in Zhangzhou, Fujian Province, and will include oil refining and naphtha cracking plants.

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The China Post quoted the Taiwanese Investment Commission's spokesman, Emile Chang, as saying that the consortium was still preparing the paperwork it needs to file in the application process but he was expecting the documents to be submitted "in a couple of days."

The application will be the first since the ban that prevented Taiwan's petrochemical sector investing in naphtha cracking facilities in China was formally lifted on Oct. 1. However, some restrictions will still remain in place, including allowing a company to take part in one project only, the news source reported. Under the new regulation, a company needs to have at least 50 percent stake in the project or to be in control of a product line to be allowed to invest. The company will also have to prioritize Taiwan's domestic needs above other markets, the China Post explained.