(MENAFN) Taiwanese petrochemical giant Formosa Plastics Group plans to invest USD2 billion into the US investment projects as part of its plan to profit from North America's shale energy, Arab News reported.
The investment was encouraged by cheap supplies of natural gas, director of the group, said at the group's annual sports day event, according to the Economic Daily News and Apple Daily.
The ethylene produced from shale gas costs only around USD300 per ton, compared with USD900 per ton from oil. Ethylene is an organic compound widely used in chemical industry.
Plants will be set up to produce ethylene glycol (EG) and high-density polyethylene (HDPE), a chemical material used in manufacturing plastic bottles and corrosion-resistant piping.
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