The government in Taiwan has temporarily frozen two investment projects totaling NT$500 billion (US$16 billion) by Formosa Plastics Group and Chinese Petroleum Corp. This freeze will be imposed until the companies provide details on environmental protection and plans to compensate nearby towns.
The Chinese Petroleum Corp has signed an agreement with five partners to invest in an NT$370 billion project to increase production of fuels and chemicals, whereas Formosa Plastics Group plans to spend NT$135 billion to build a steel mill in Taiwan. The projects were likely to start next month but it's not yet clear about when the work is due to begin.
Although the Cabinet has played a role in putting a stop to the projects, it has shown no intentions to oppose or cancel the projects until now.
31-May-05 
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