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Formosa Plastics is not considering investing in a petrochemical venture in the Gulei Development Zone

September 06/2011

(CNA) -- The Taiwan-based Formosa Plastics Group (FPG) is not considering investing in a petrochemical venture in the Gulei Development Zone in southern China's Fujian Province, a senior executive with the group said Monday.


According to Hong Fu-yuan, president of group subsidiary Formosa Chemicals and Fibre Corp., the conglomerate will maintain its focus on its styrene acrylonitrile plant in Ningbo, Zejiang Province, and is not thinking about joining a reported petrochemical venture initiated by Taiwanese investors in Gulei.


It was reported earlier by local media that Taiwanese petrochemical companies have sought investment destinations outside the country after a plan to build a petrochemical complex along the coast of Changhua County was abandoned over environmental concerns.


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