Ho Tung to build oil refinery plant

Chemical products giant Ho Tung Chemical Co. of Taiwan plans to build a refinery for processing up to 40,000 barrels of crude oil per day through its affiliate Chunghwa Oil Company. Ho Tung will invest between USD 85.71 million and USD 4 billion in the refinery, making it the third refinery owner in Taiwan after the state-run Chinese Petroleum Corp. and Formosa Petrochemical Corp. A Ho Tung executive said the refinery would start production sometime in 2004.

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