Formosa Plastics (FPG) is to build an integrated oil refinery in Jurong, Singapore.
The company is investing NT$250 billion (€6 billion) into the project which will be FPG’s first international investment outside of Taiwan.
The company says it also has future plans to build an integrated petrochemical plant in China.
The Jurong plant will be situated on 3,200 hectares of land with good links to roads and sea with 20 piers and a large highway network situated near the base.
According to FPG, the Singapore government ‘actively sought’ the company’s investment.
Output in Jurong can be exempt from import duty when transporting to China, which makes it a popular base for investment and US and European firms have built refineries there in the past.