Formosa to expand in Taiwan

TAIPEI: Taiwan's Formosa Plastics Group plans to invest an additional NT$72.2 billion (US$2.12 billion) to expand a petrochemical complex in the island's south, it was reported Wednesday.

The third-stage construction of the naphtha cracker complex in Mailao followed an investment of NT$420 billion for the first two phases, the Commercial Times said.

The move was a demonstration the group is keeping its roots in Taiwan despite plans to invest $5 billion on a petrochemical complex in Ningbo in China's Jiangsu province, the paper said.

Formosa Plastics has injected some NT$350 million for operations of more than 20 plants on the mainland. -- AFP