Taiwan's Formosa seeks permit from Louisiana for US$9.4 bln investment

21-Feb-17

Formosa Plastics Group is seeking permission from the U.S. state of Louisiana to invest US$9.4 bln to build petrochemical plants, as per Bloomberg. The Taiwanese chemicals producer is waiting for the U.S. state’s authorization for construction of the facilities in St. James, according to Lin Keh-Yen, executive vice president of Formosa Petrochemical Corp. The group also plans another US$5 bln investment to expand production lines in Texas, Formosa Plastics Corp. Chairman Jason Lin said.
The expansion in Texas is already underway, which will be completed by 2018, Formosa Plastics Corp.’s Lin said. “Materials are cheaper in the U.S. and it’s easier to get air permits in U.S. than in Taiwan,” he said.