Chen Bao-lang is FPC’s new chairman

Former chairman of state-run Kuokuang Petrochemical Technology Co., Chen Bao-lang, has accepted Formosa Petrochemical Corp.’s offer to serve as the company’s chairman. Former FPC Chairman Wilfred Wang resigned in July after taking responsibility for a series of fires at the company’s petrochemical complex in southern Taiwan. Since mid-May, shares of Formosa Petrochemical fell by almost 20%, after the first of a series of fires broke out at the Mailiao comlex. The Taiwanese government shut down operations in the complex for safety checks in three 189,000 barrel-per-day crude distillation units. With Chen heading FPC, investors expect that the production facilities will be safer so that the company can resume full operations. (September 6, 2011)