Formosa Petrochemical expands globally

28-May-05

The state-owned CPC and Mailiao-based Formosa Petrochemical, is to boost its crude oil refining capacity by almost 20 percent and annual ethylene capacity by about 1.2 million tonnes. It is also likely to build a 450,000-tonne-a-year base oil plant, expected to be completed in 2007. Formosa, Taiwan's oil refiner, has units that process naphtha, an oil product, into ethylene for making plastics and fibers. Currently its capacity stands at about, 450,000 barrels of crude oil a day and 1.6 million tonnes of ethylene a year. It is also planning to increase it's gasoline sales by 4.3 percent to 5.8 million kiloliters and diesel sales by 11 percent to 6.76 million kiloliters which will help it expand further in China, Middle East, Australian and South American fuel markets.