Formosa Plastics Group will invest US$413 mln in pipeline improvement

29-Jul-11
Formosa Plastics Group will invest about US$413 mln to improve pipelines at a major oil refinery amid fresh safety concerns after recent blazes. The group plans to work on 1,063 pipelines totaling 1,266 kilometres (786 miles) at its affiliate Formosa Petrochemical Corp.'s oil refining unit, as per Commercial Times. The project is expected to be completed in mid-2014. The economic ministry has demanded of Formosa to speed up replacing old pipelines after the latest blaze was reported this week -- the sixth since last year. The ministry has reportedly halted the group's recent China-bound investment applications in a bid to pressure it to enhance safety measures.
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