Formosa Plastics eyes petrochemical complex

Vietnam Prime Minister Nguyen Tan Dung has agreed in principle to allow Taiwan’s Formosa Plastics Corp. to invest US$12 to 15 billion in a petrochemical complex in central Vietnam, a government official said. The complex would be located in Ha Tinh province, 350 kilometers south of Hanoi, and is expected to produce 15 million metric tons of petrochemical products annually. Formosa Petrochemical, Taiwan’s only privately run refiner, is responsible for planning the petrochemical park, while Formosa Plastics Corp., the flagship unit of the group, is handling contacts with the Vietnam government, said Lin. (November 17, 2008)