Petrochemical giant Formosa Plastics Corp plans to build a US$100 million PVC in China's southeastern Zhejiang province next year, a company executive said yesterday.
The facility, located on Meishandao island (梅山島) opposite the southeastern port of Ningbo and will produce 300,000 tonnes of PVC every year.
Formosa Plastics Group (
Wang, who returned from a trip to China on Tuesday, praised the infrastructure there, saying it had improved greatly since his last visit four years ago. Wang has previously said that the group has no choice but move across the strait if it is to achieve long-term, sustainable development.
Not only does China present cheap real estate and low labor costs to the potential investor, the authorities there are actively offering investment incentives to Taiwanese business groups interested in developing the petrochemical industry, Wang said.
Aside from the PVC plant, the Formosa Plastics Group is also evaluating a plan to build China's largest petrochemical complex, covering some 2,000 hectares, also located on Meishan island, said Wang.
The complex would comprise naphtha cracking facilities, an oil refinery, and other downstream petrochemical production production plants.
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