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FPG leadership to undertake a learning tour to Sinopec.

Taipei, Sept. 3, 2009 (CENS)--Leadership of Formosa Plastics Group (FPG), Taiwan's largest business conglomerate, will visit Sinopec Group, Asia's largest petrochemical company, on Sept. 9, triggering speculation in the market about possible cooperation between the two petrochemical giants on the two sides of Taiwan Strait.

The delegation will be headed by Wang Wen-yuan, chief executive officer of FPG, the other six members of the group's seven-member policy-decision panel, and presidents of the group's four major subsidiaries, who will inspect the operation of Sinopec in the trip dubbed as "a learning tour."

In an interview with Economic Daily News (EDN), sister publication of Taiwan Economic News (TEN), Wang noted that the delegation will visit the information intelligence center at Sinopec's Beijing headquarters and its new petrochemical plant in Tianjin. He, though, didn't rule out possibility for the two groups discuss business cooperation.

Industry insiders pointed out that one possible area of cooperation is FPG's mega investment project for ethylene production in Ningbo, which has been approved by the Chinese authority with one condition requiring the project to be carried in the form of joint venture with Chinese enterprise. The trip is also in part a response to visits by Sinopec managers to FPG on Feb. 18 and Aug. 10 this year, when they inspected FPG's management and the operation of its naphtha cracking complex in Yunlin county.

Sinopec ranks ninth place on the list of the world's top 500 enterprises this year, according to the 2009 survey of Fortune magazine.

((PL)) (G)

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Title Annotation:Formosa Plastics Group, Sinopec Group
Publication:The Taiwan Economic News
Article Type:Brief article
Date:Sep 3, 2009
Words:252
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