Big investments in Taiwan
Formosa Plastica Group has revealed plans to invest US$ 20 billion during 2010. The company has also announced that the majority of the investments will focus on the petrochemical industry and steel manufacturing.
280 billion Taiwan dollars will be spent on the upgrade of the naphtha cracker at the Yulin petrochemical plant. This is on top of a 574.4 billion Taiwan dollar investment the company has already made in the facility.
Investments in India
Mangalore Refinery & Petrochemicals Ltd. will invest Rs 9157 crore during 2010 in its expansion and upgrade project as part of its five year plan (2007 – 2012).
Mangalore Refinery & Petrochemicals plans on expanding the Mangalore refinery to 51 million tpy by the end of 2011. It also intends to construct a Greenfield polypropylene project under the investment. The company will also look at upgrading its facilities to produce Euro III/IV grade petroleum products for export.
Israel’s US$ 900 million plan
Israel’s Oil Refineries has secured financing for its next for year plan. US$ 600 million is part of a framework agreement from Bank Hapoalim and the extra US$ 300 million is being loaned to the company by the US Export-Import Bank for the purchase of equipment from international markets.
As part of the four year plan the company will construct a US$ 500 million hydrocracker to produce diesel and jet fuel. This is expected to come online in 2012.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/12022010/asian_refinery_update/