Taiwan's Formosa eyes Guatemala refinery

Taiwan’s Formosa Plastics Group is mulling the construction of a refinery and a power station in Guatemala. The Guatemalan government, one of Taiwan’s few formal diplomatic allies, was hoping Formosa would invest up to US$7.2 billion to build a 360,000-barrel per day oil refinery and an accompanying power station. The project could also involve establishing a port and oil storage facilities. Due to international pressure from China, which sees Taiwan as part of its territory, the island has only 24 formal diplomatic allies. (July 5, 2007)