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Formosa to increase 2.3 billion USD for investment in Ningbo petrochemical project

November 22, 2010

The Taiwan Formosa Group recently decided to increase 2.3 billion USD as invement for the Ningbo photochemical project, which is part of the schemes for three projects, the other two being expansion project of the Formosa Vietnam Steel Works and the US Formosa project, with the investment to total 11.3 to 11.5 billion USD. The investment plan is the largest even of the Formosa Group. 

According to Taiwan media, the revenue generated from the mainland companies of Formosa takes up 7.8% of the total. With the increasing demand for petrochemical materials, Formosa companies have come into China to make investments. The first-phase investment for the Ningbo plant is 2.4 billion USD. With the increment of investment for 15 projects that are to be completed within years, the mainland revenue could take up 15% of the total.

With robust demand of the mainland market, the Ningbo plant has registered dramatic growth in annual turnover and profits. The yearly operating income reached 90 billion NTD. By October this year, the five mainland plants of Formosa have brought in 33 billion NTD, with the income for the whole to reach 40 billion. The profits are expected to reach 3 billion NTD.

According to the CEO Mr. Wang Wenyuan of the Formosa Group, Taiwan’s petrochemical, plastics, and textile industries have reached a certain scale, to some saturated state. Therefore, Formosa is heading towards sci-tech and green energy fields.
(Source: Ningbo Municipal People's Government )