FCFC signs agreement on Ningbo ABS

10 December 2001 00:00  [Source: ACN]

Formosa Chemicals & Fibre Corp (FCFC) signed an agreement last week with the Ningbo municipal government to lease a 200 ha plot of land for its 250 000 tonne/year ABS project in Ningbo, Zhejiang, China, a company source told ACN.

The Taiwanese major's president, William Wong, signed the deal in Ningbo as a show of sincerity, said the source.

The plot of land in the Beilun industrial zone is next to Meishan Island, near Ningbo. Meishan Island is tipped as the site for the Formosa group's proposed petrochemical park in China, which would include a 1m tonne/year cracker and a 300 000 tonne/year PVC project (ACN 26 Nov, p25).

The ABS project was approved by the Taiwanese government in September (ACN 17 Sept, p28) and has also been granted approval by China's State Development Planning Commission.

Construction is expected to start in March next year with the facility due to come onstream in 2004.

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