Formosa to invest NT$650 bln in 2010 in 3 major petrochemical and steel projects

Taiwan’s Formosa Plastics Group plans to invest NT650 bln in three major petrochemical and steel projects at home as well as overseas in 2010. These include: The fifth-phase expansion of it`s naphtha cracking complex at Maoliao Offshore Industrial Zone in Yunlin County at an investment of NT$280 bln A major steel refinery in Vietnam at NT$280 bln A stainless steel plant in Xiamen, China, at NT$90 bln Uncertainty shrouds the groundbreaking of the fifth-phase expansion of the Mailiao naphtha cracking complex, since its environmental impact statement is still undergoing the review by Environmental Protection Administration, under the Executive Yuan. The company anticipates a healthy outlook in 2010 in terms of revenue and profit, mainly due to lower-than-expected capacity run rate for petrochemical plants in the Middle East caused by insufficient supply of natural gas, and the shutdown of many major naphtha cracking plants in Asia for maintenance scheduled in H1-2010, which will bolster prices of petrochemical materials, including PE (polyethylene), PP (polypropylene), and PVC (polyvinylchloride).
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