Formosa Plastics' Ningbo Cracker Project Excluded from China's Five-Year Plan

Formosa Plastics chairman William Wang is trying to reverse a decision by the provincial government of Zhejiang, China to exclude Formosa Plastics’ previously announced plan to build a refinery and a naphtha cracker at Ningbo from China's current economic development program, the Taiwan Economic News reports today. The project, which would cost about $4.5 billion, is not included in the national 12th Five Year Plan. Formosa Plastics operates several petrochemical facilities at Ningbo based on imported feedstocks, and it has been lobbying the Taiwanese and...

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