Formosa's capital expenditure for 2009 to decline as it waits for a new project approval

Formosa Petrochemical Corporation of Taiwan, the top ethylene producer in Asia with a total production capacity of 2.93 mln tpa has announced to slash its capital expenditure from TWD 14 bln for 2008 to TWD 4 bln in 2009. The reason for Formosa's cut in CAPEX is attributed to the awaited approval of a new petrochem complex in Central Taiwan whose initial outlay is in the range of TWD 100 bln and has been long waiting for government's green signal for a year now.
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