Taiwan’s Formosa Plastics Corp is going to make the US$3.6 billion investment aimed at expanding production capacity in Taiwan, China and the USA over the next five years and recovering the global market after the COVID–19 pandemic.

The company intends to do the greatest one of $2.92 billion to ramp up annual production of polyvinyl chloride (PVC), vinyl chloride monomer (VCM) and caustic soda by 800,000 tons, 800,000 tons and 560,000 tons, respectively, in Texas.

In Taiwan, Formosa Plastics will spend NT$350 million (US$12.28 million) to help its subsidiary, Taiwan VCM Corp., expand its annual PVC capacity by 100,000 tons.

The company has reported that it plans to complete this project by the end of 2022.

Another NT$8.85 billion will go on construction of 12 storage tanks and one warehouse in Kaohsiung, which is scheduled to end by March 2022. A superabsorbent polymer (SAP) plant in Chiayi will boost output by 20,000 tons per year through a NT$200 million investment.

The company is optimistic about Beijing’s 14th five-year economic development plan for 2021—2025. Under it, domestic demand may drive economic growth.

Formosa will put US$40 million into its Ningbo plant, which is making ethylene vinyl acetate (EVA) now, to enlarge annual production by 28,000 tons by December 2022. The company has informed that it is also evaluating the feasibility of a US$360 million investment to expand annual PVC and VCM capacity by 150,000 tons and 600,000 tons, respectively, there.

Saudi Arabia and Qatar have reached an agreement to reopen their airspace and maritime borders from 4 January onwards after over three years of coldness, according to Kuwaiti officials.

The foreign Minister of Kuwait Ahmad Nasser Mohammed al Sabah has informed that the Emir of Kuwait Sheikh Mawaf al Ahmad al Sabah, the Emir of Qatar Sheikh Tamim bin Hamad Al Thani and Saudi Crown Prince Mohammed bin Salman participated in negotiations, providing recommendations for both parties.

As a result, the Emir of Qatar attended the Gulf Cooperation Council (GCC) meeting on 5 January, representing Saudi Arabia there for the first time in three years.

Jared Kushner, the senior adviser of the US President Donald Trump, also contributed to better relations between the two countries and was invited to the GCC summit, according to a senior US administration official.

Saudi Arabia, Bahrain, Egypt, the UAE were in conflict with Qatar since 2017 when they accused it of supporting terrorism and destabilising the region. Qatar called these claims ‘unjustified’ and ‘baseless’ then.

   INEOS Styrolution, the leading global styrenics supplier, held the ground-breaking ceremony for a future 600,000-tpy acrylonitrile butadiene styrene (ABS) plant in Ningbo, China, on 18 December 2020, its press release states. The construction of the new site is a part of the company’s larger expansion plans in China, which also included an acquisition of Total’s two 200,000-tpy polystyrene production sites in Ningbo and Foshan on 31 August 2018.

   The new ABS site that is expected to become operational by 2023 will be located in the place providing extensive access to feedstock supply options and excellent supply chain connection to customers.

   ‘The successful completion of this project will be a significant step towards our ambitious growth plans in China and it will allow us to further serve our customers in their domestic markets,’ Steve Harrington, CEO of INEOS Styrolution, has announced.