09-06-08 Formosa Plastics group plans to set up an oil refinery and petrochemical plants in Vietnam.
The facilities will be built near a steel mill which the group has invested in and plans to start construction on by the end of this month. The Vietnamese government will provide a site of 5,000-6,000 hectares for the Taiwanese group to build the oil refinery and petrochemical plants.

The group plans to invest $ 8 bn to build the steel mill with an annual capacity of 7.5 mm tons in the first stage. Capacity will be expanded by another 7.5 mm tons in the second stage.
Group members participating in the steel mill investment include Formosa Plastics, Nan Ya Plastics, Formosa Petrochemical, Formosa Chemicals & Fibre and Formosa Heavy Industries.