Taiwan petrochemical giant Formosa Plastics plans to invest $2.1 billion to expand existing facilities in the United States, local media reported Monday.
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The investment, which is awaiting final US government approval, is aimed at using richer and cheaper natural gas resources in the United States and could be completed by late 2014, the Economic Daily News reported.
The plan will see the annual ethylene capacity at Formosa Plastics's unit in Point Comfort, Texas, increase 28 percent to 2.07 million tonnes, while its propylene capacity will rise 54 percent to 1.14 million tonnes, it said.
Ethylene and propylene are chemical materials widely used in industry, ranging from plastic bags to bottles, toys, cables and washing machine casings.
Company officials were not immediately available for comment Monday.
Source AFP
