07 February 2001 01:16 [Source: ICIS news]
SINGAPORE (CNI)--Taiwan’s Chang Chun Group, reputedly the country’s biggest producer of petrochemical-derived specialties, has firmed plans to build eleven specialty chemical plants in Mailiao – adjacent to Formosa Plastics Group’s (FPG) giant refining/petrochemicals complex which is nearing full completion there.
CNI was informed by well-placed Taiwanese industry sources on Wednesday that Chang Chun is expected to invest NT$17bn ($530m/Euro562m) in the plants, which will include acetic acid, hydrogen peroxide, polyvinyl alcohol and vinyl acetate monomer facilities.
Construction will commence in the next quarter. The facilities are expected to be mechanically completed by end-2001and phased into commercial production within the first quarter of 2002. It is expected that feedstocks would be piped from the FPG complex.
A spokesman for Chang Chun Group – key affiliates of which are Chang Chun Petrochemical, Chang Chun Plastics and Dairen Chemical Corp – confirmed that the company is building the plants, and said that they would be operated by Chang Chun Petrochemical and Chang Chun Plastics. He declined to provide further information for now.
The sources said the 11 plants would be built on 33 ha of land reclaimed by FPG and sold by that company to the Ministry of Economic Affairs. Chang Chun Group acquired the site through an open bid in mid-2000.
Chang Chun Group’s revenues in 2000 were about NT$40bn. The new production facilities are expected to help raise that to at least NT$60bn in 2002.
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