FPG's 4th-stage expansion at petrochemical complex in full swing

Taipei, Dec. 16, 2003 (CENS)--With its fourth-stage expansion project at its naphtha cracking production complex in Mailiao, Yunlin County, southern Taiwan, passing environmental impact assessment by the Cabinet-level Environmental Protection Administration, Formosa Plastics Group (FPG) recently kicked off the NT$124.6 billion (US$3.66 billion at US$1:NT$34) project at a full speed.

An FPG executive stressed the fourth-stage Mailiao expansion project required a total workforce of 15,000 foreign workers. The group plans to set up 27 plants covering up-, middle-, and downstream petrochemical industry.

The group estimated completion of the expansion project will help it create an additional revenue of NT$235 billion (US$6.91 billion) per year. At that time, the group will see total revenue break the NT$1 trillion (US$29.41 billion) per year, standing firmly as the island's No.1 private enterprise.

The entire sixth naphtha cracking project will cost FPG NT$664.6 billion (US$19.54 billion) as it has spent NT$540 billion (US$15.88 billion) in the former three construction stages.

The fourth-stage expansion, originally slated to be kicked off in October, has been delayed for two months. The group said the entire expansion project would be completed in July 2006 and start pilot production sometime in 2007.

FPG vice chairman Y.T. Wang has instructed the group's administrative, engineering and procurement units to do their best in carrying out the fourth-stage expansion project. He has also directed subordinated units to complete the expansion project and begin production as soon as possible so as to grab the early business opportunities. FPG has established some specialized panels to regularly monitor the progress of the project.