Formosa may build US$12.47 billion oil refining complex

Taiwan’s Formosa Group said it may invest US$12.47 billion to build an oil refining and petrochemical complex in Vietnam’s central province of Ha Tinh, the Dau tu online newspaper reported. The firm expects to build the complex in the Son Duong area, Ky Anh district with an annual capacity of 16 million tons, Formosa said, giving no timetable. Formosa is speeding up a study for the project and will submit it to the government for approval soon. (August 5, 2010)