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Chinese ethylene project of Formosa faces roadblocks
27
Jul '11
Taiwan-based Formosa Plastic Group had proposed to set up a US $4.5 billion ethylene project in Ningbo, Zhejiang province – China.

However the project seems to have encountered roadblocks as the Zhejiang Provincial Government in line with the national 12th Five-Year Plan has excluded it from the status as a petrochemical development project.

Chairman of Formosa – Mr William Wang is lobbying with the provincial officials to reverse the decision.

The Zhejiang provincial government recently approved a plan submitted by Sinopec to undertake expansion of its petrochemical plant in Zhenghai province.

There Chinese refinery and petrochemical majors; China National Offshore Oil Corporation (CNOOC), China National Petroleum Corp. (CNPC), and China Petroleum and Chemical Corp. (Sinopec) have advised the government to provide support to local firms.

Hence, experts opine that the Formosa project is being sidelined due to a result of conflict of interest.

Fibre2fashion News Desk


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