The Formosa Plastics Group recently decided to add Ningbo Petrochemical Plant to invest 2.3 billion U.S. dollars. This investment plan and the expansion of the Vietnam Steel Plant and Formosa Plastics USA are listed as the three major investment cases of Formosa Plastics next year, with a total investment of approximately 11.3 billion to 11.5 billion U.S. dollars. It is the largest investment plan of Formosa Plastics Group outside Taiwan.
Formosa Plastics Group's current revenue is mainly in factories in Taiwan, and its revenue in the mainland accounts for about 7.8%. In recent years, the demand for petrochemical raw materials in the mainland has continued to increase. Formosa Plastics related companies have set up factories in the mainland. The Formosa Plastics Group has a total investment of approximately US$2.4 billion in Phase I of Ningbo Petrochemical. The 15 new projects will be completed and put into production in two years. By then, Formosa's revenue in the mainland will increase to 15%.
Due to the strong domestic demand on the mainland, Formosa Plastics Group's annual revenue and profit in the Ningbo petrochemical plant area broke records, and the annual revenue has exceeded 90 billion yuan (NT, the same below). The Formosa Plastics Group has reached a record high of 33 billion yuan in revenue in the first five months of the mainland's five factories. The annual revenue for the year will be 40 billion yuan, and it is estimated that the profits will exceed 3 billion yuan.
Wang Wenyuan, president of Formosa Plastics Group, said recently that the capacity of Taiwan's petrochemical, plastics, and textile industries has reached a certain scale, and the market is also becoming saturated. For the new wave of global distribution, Formosa Plastics Group will develop in new directions such as science and technology and green energy.
Formosa Plastics Group's current revenue is mainly in factories in Taiwan, and its revenue in the mainland accounts for about 7.8%. In recent years, the demand for petrochemical raw materials in the mainland has continued to increase. Formosa Plastics related companies have set up factories in the mainland. The Formosa Plastics Group has a total investment of approximately US$2.4 billion in Phase I of Ningbo Petrochemical. The 15 new projects will be completed and put into production in two years. By then, Formosa's revenue in the mainland will increase to 15%.
Due to the strong domestic demand on the mainland, Formosa Plastics Group's annual revenue and profit in the Ningbo petrochemical plant area broke records, and the annual revenue has exceeded 90 billion yuan (NT, the same below). The Formosa Plastics Group has reached a record high of 33 billion yuan in revenue in the first five months of the mainland's five factories. The annual revenue for the year will be 40 billion yuan, and it is estimated that the profits will exceed 3 billion yuan.
Wang Wenyuan, president of Formosa Plastics Group, said recently that the capacity of Taiwan's petrochemical, plastics, and textile industries has reached a certain scale, and the market is also becoming saturated. For the new wave of global distribution, Formosa Plastics Group will develop in new directions such as science and technology and green energy.
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