Date：2015-03-26
Formosa Plastics group, one of Taiwan's leading petrochemical manufacturers, is seeking approval from Chinese authorities for a massive investment in Ningbo, Zhejiang province, the Commercial Times reported on July 10, 2006.
The report said Wang Wen-yuan, the group's chairman, is visiting Beijing to push for the 300 billion dollar (9.26 billion US) petrochemical project which is expected to include an oil refinery with an annual capacity of 10 million tonnes and a naphtha cracking facility with a capacity of 1.2 million tonnes.
The group has summitted an environmental impact assessment report on the project to the Chinese government for review, the newspaper said.
On July 21, 2006, a McGraw-Hill article further reported that Formosa Polypropylene (Ningbo) had delayed the start up of its polypropylene plant by four to six months, to the second quarter of 2007, because the company had decided to increase the capacity of the plant by 150,000 mt/year to 450,000 mt/year, in order to cater to China's rapidly expanding PP demand.
Formosa Plastics was very optimistic about the PP demand growth in China. "Most downstream industries using PP are rapidly expanding and we are estimating a growth figure of about 400,000-500,000 mt/year," the source said.
In China, the key sectors driving PP growth include automotive parts manufacture, synthetic fibers, pipes and tubing. China currently imports close to 3 million tons of PP per year.
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