Taiwan's Formosa Petrochemical Corp. plans to invest US$20 million in the formation of an oil exploration company in an effort to secure crude supplies amid high global prices. This will be the first time that Formosa, an integrated refining and petrochemical company with a 510,000 bpd refinery and ethylene capacity of 1.6 million tpa, has independently sought to explore for oil. To conduct its search for energy supplies, Formosa Petrochemical will establish a 100% owned subsidiary in the United States, called FPCC USA Inc.
The exploration efforts could be focused in Canada, USA and Australia, where prospects of making a find are the highest.
30-Aug-06 
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