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Taipei (AFP) Feb 5, 2010 Formosa Plastics Group, one of Taiwan's largest industrial conglomerates, said Friday it planned to invest 650 billion Taiwan dollars (20 billion US dollars) at home and abroad in 2010. "We will focus on petrochemical and steel manufacturing this year," an official close to Formosa Plastics Corp chairman C.T. Lee told AFP. Formosa Plastics Corp is the flagship company of the group. The official said on condition of anonymity that the group planned to invest 280 billion Taiwan dollars to expand a naphtha cracker plant in Yulin county of southern Taiwan. This will come on top of 574.4 billion Taiwan dollars that the company has already poured into the Yulin petrochemical facility. The official said the group would also invest 280 billion dollars in a steelmill in Vietnam and 90 billion dollars in a stainless steel plant in Fujian province in southeast China. Vietnamese authorities have given the green light to the group to build a steel complex with an initial annual capacity of 7.5 million tonnes in Ha Tinh province in the centre of the Southeast Asian country. The official said the Vietnamese authorities were expected to transfer the land for the steelmill by the end of April. Meanwhile, the group will assign about 90 billion dollars to build a stainless steel plant in Fujian with an annual capacity of one million tonnes, the official said. The group has interests in petrochemicals, semiconductors and biochemicals.
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