Formosa Plastics Group plans to invest over US$2 bln in China

16-Nov-10

Formosa Plastics Group plans to invest US$2.3 bln to expand its complex in China. The petrochemical project in the coastal city of Ningbo has passed the Chinese government's environmental impact evaluation. Approval from mainland authorities'= is likely before year end. The project is expected to start construction in 2011 and he expected it to be completed in three years, Bloomberg reported. The project, which still needs approval from the Taiwanese government, is part of FPG's overseas investment plans totaling up to NT$340 bln (US$11.2 bln) in three years, including expansion of its ethylene and propylene operations in the US, and the construction of a steel mill in Vietnam for US$7.8 bln.