Formosa Plastics to Invest US$100 Million in the Mainland

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 ◆ Formosa Plastics to Invest US$100 Million in the Mainland

Taiwan's petrochemical giant Formosa Plastics Corp. is to invest US$100 million in the mainland to build a PVC (polyvinyl chloride) plant, it was reported in Taipei Wednesday. Formosa Plastics Vice Chairman Wang Yung-tsai would fly to the mainland Saturday to finalise the deal, the Economic Daily News said. The planned plant in Ningpo in southeast Zhejiang Province would churn out 300,000 tonnes of PVC every year, the paper said. A company spokesman declined to comment on the report but confirmed that Wang would travel to Ningpo soon to "take a look at the site." It would be Formosa Plastics' first investment in the mainland. Nanya Plastics, a unit in the Formosa Plastics group, has built nine plants in the mainland for producing petrochemical materials. The paper also said Ningpo authorities had offered Formosa Plastics 4,000 hectares (9,880 acres) of land to build the country's largest petrochemical complex worth more than US$10 billion. The complex would comprise naphtha cracking facilities, an oil refinery, and other downstream petrochemical production plants, it said. Formosa Plastics, however, denied it was planing to develop the complex.