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Formosa Petrochemical
Formosa Petrochemical Corporation (Chinese: 台塑石化股份有限公司; pinyin: Tái sù shíhuà gǔfèn yǒuxiàn gōngsī) is a Taiwanese energy company engaged in refining of crude oil, distribution of refined petroleum products, the production and sales of olefins, and the generation of electricity and steam. It was founded as a subsidiary of Formosa Plastics Group, and went public in 2003. It is headquartered in Mailiao Township, Yunlin County, in Taiwan.
Formosa Petrochemical was founded on April 6, 1992, as a wholly owned subsiaary of Formosa Plastics Group. The company went public in 2003, its shares listed on the Taiwan Stock Exchange.
The company has three primary businesses. The first is refining, marketing and sales of refined petroleum products like fuel oil, gasoline, aviation fuel, kerosene, naphtha, and similar products. The second is the refining, marketing and sales of olefins. The third is the generation of electricity and steam from cogeneration of its refining activities. Its major subsidiary is Formosa Oil, which owns a chain of gas stations.
As of 2021, Formosa Petrochemical was the second largest oil refiner in Taiwan, behind Chinese Petroleum Corporation. The company owns and operates the only privately owned refinery and naphtha cracking plant in Taiwan.
Since 1981, Formosa Plastics Group has operated three plastics manufacturing plants in the U.S. state of Louisiana.
In 2015, Formosa Petrochemical began studying whether to build a $9.4 billion ethylene production plant on the west bank of the Mississippi River in St. James Parish, Louisiana. If built, the Sunshine Project plant would be one of the largest ethylene plants in the world, with 14 separate units covering 2,400 acres (970 ha), and the world's largest production facility for plastics and the raw materials to make plastics.
Formosa Petrochemical proposed a 10-year, two-phase construction process. An ethane cracker and associated facilities would be built on the downstream side of the site first. In the second phase, a plant would be built to convert ethane to ethylene and low- and high-density polyethylene. The Phase Two plant would be easily customizable to produce low- and high-density ethylene glycol, polypropylene, and other ethane derivatives. Other facilities to be constructed included docks, an electrical power generating plant, roads, a wastewater treatment plant, and water intake pipelines.
To help ensure that the project went forward, the state of Louisiana offered a $12 million grant to offset the cost of infrastructure upgrades, and provided both Quality Jobs and Industrial Tax exemptions. In addition, Louisiana Economic Development (a state workforce training agency) agreed to give Formosa Petrochemical access to its FastStart workplace skills development program.
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Formosa Petrochemical
Formosa Petrochemical Corporation (Chinese: 台塑石化股份有限公司; pinyin: Tái sù shíhuà gǔfèn yǒuxiàn gōngsī) is a Taiwanese energy company engaged in refining of crude oil, distribution of refined petroleum products, the production and sales of olefins, and the generation of electricity and steam. It was founded as a subsidiary of Formosa Plastics Group, and went public in 2003. It is headquartered in Mailiao Township, Yunlin County, in Taiwan.
Formosa Petrochemical was founded on April 6, 1992, as a wholly owned subsiaary of Formosa Plastics Group. The company went public in 2003, its shares listed on the Taiwan Stock Exchange.
The company has three primary businesses. The first is refining, marketing and sales of refined petroleum products like fuel oil, gasoline, aviation fuel, kerosene, naphtha, and similar products. The second is the refining, marketing and sales of olefins. The third is the generation of electricity and steam from cogeneration of its refining activities. Its major subsidiary is Formosa Oil, which owns a chain of gas stations.
As of 2021, Formosa Petrochemical was the second largest oil refiner in Taiwan, behind Chinese Petroleum Corporation. The company owns and operates the only privately owned refinery and naphtha cracking plant in Taiwan.
Since 1981, Formosa Plastics Group has operated three plastics manufacturing plants in the U.S. state of Louisiana.
In 2015, Formosa Petrochemical began studying whether to build a $9.4 billion ethylene production plant on the west bank of the Mississippi River in St. James Parish, Louisiana. If built, the Sunshine Project plant would be one of the largest ethylene plants in the world, with 14 separate units covering 2,400 acres (970 ha), and the world's largest production facility for plastics and the raw materials to make plastics.
Formosa Petrochemical proposed a 10-year, two-phase construction process. An ethane cracker and associated facilities would be built on the downstream side of the site first. In the second phase, a plant would be built to convert ethane to ethylene and low- and high-density polyethylene. The Phase Two plant would be easily customizable to produce low- and high-density ethylene glycol, polypropylene, and other ethane derivatives. Other facilities to be constructed included docks, an electrical power generating plant, roads, a wastewater treatment plant, and water intake pipelines.
To help ensure that the project went forward, the state of Louisiana offered a $12 million grant to offset the cost of infrastructure upgrades, and provided both Quality Jobs and Industrial Tax exemptions. In addition, Louisiana Economic Development (a state workforce training agency) agreed to give Formosa Petrochemical access to its FastStart workplace skills development program.