TAIPEI: Taiwan’s petrochemical giant Formosa Plastics Group plans to pour another $2bn into its US investment projects as part of efforts to profit from North America’s shale energy revolution, local media said yesterday. The investment was spurred by cheap supplies of natural gas, Wang Wen-yuan, director of the group, said.
The ethylene produced from shale gas costs only around $300 per tonne, compared with $900 per tonne from oil, he was cited as saying. Ethylene is an organic compound widely used in chemical industry. Plants will be set up to produce ethylene glycol (EG), a chemical compound widely used in the production of polyester fibres, and high-density polyethylene (HDPE), Wang said.AFP
