| BUSINESS INFORMATION |
Formosa reports progress on Taiwan petrochemical expansion The Formosa Plastics group will spend more than $3.5 billion in the next few years to build plants and expand existing ones at its Mailiao petrochemical complex in Taiwan. Group company Formosa Petrochemical is designing a 1.2 million-metric-ton-per-year naphtha cracker based on a Lummus process that is expected to come on-line in the middle of 2006, an official says. It will feed into new or expanded Formosa group plants producing ethylene glycol, styrene, phenol, polypropylene, and vinyl chloride. The executive says construction of Mailiao's third ethylene glycol plant is already under way and a fourth is planned. Formosa is also planning some work on its Mailiao oil refineries to make its products comply with Taiwan's stricter environmental standards for gasoline. Formosa Petrochemical is an unlisted company owned by sister firms. The main firms in the group are Formosa Plastics, Nan Ya Plastics, and Formosa Chemical & Fibre. Formosa Petrochemical will likely seek a public listing in Taiwan in November. |
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