On July 18, with a total investment of 3 billion U.S. dollars, the Formosa Plastics Relations Corporation held the groundbreaking ceremony for a follow-up project of Formosa Plastics Ningbo Plant.
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Formosa Plastics 3 billion U.S. dollar follow-up project started
It is reported that the follow-up project for Formosa Plastics Ningbo Plant Phase 1 includes expansion and construction of 17 new projects with a total investment of 3 billion U.S. dollars. Most of the projects will be completed by the end of 2014. After the completion of the first-phase follow-up projects, the sales revenue of Formosa Plastics Ningbo Plant is expected to exceed 50 billion yuan.
The total investment of the Formosa Ningbo Plant Phase I project reached US$2.4 billion, and the accumulated capital funds currently in place have reached US$1.27 billion. In 2010, the first-phase project achieved a sales income of 22.2 billion yuan, a profit of 2.74 billion yuan, and a tax payment of 820 million yuan. From January to June this year, Formosa Plastics achieved a sales income of 13.53 billion yuan and a profit of 2.01 billion yuan for the first phase.