Lee Chin-chun, general manager of Formosa Plastics, said on Thursday that the waste had been treated and was not hazardous.

In the long run, he said, Formosa Plastics should be involved in assembling cars, in partnership with a big international automaker.

A G.M. alliance with Formosa Plastics would be consistent with two strong trends in the auto industry.

Mr. Greene, the waterfront property owner, said Formosa Plastics has approached him about buying part of his land.

Formosa Plastics says the chemicals will be sufficiently diluted in its waste water that they will pose no danger to people or to the shrimpers' harvest.

Other businessmen said Formosa Plastics has plans to invest, but the company said any projects on the mainland were still under investigation.

Caltex has a joint venture aviation refueling business in Taiwan airports with Formosa Plastics.

Formosa Plastics have been involved in a series of deadly explosions at their facilities.

An explosion at a chemical plant owned by Formosa Plastics hurt 11 workers in South Texas in 2005.

In November 2005, Walter Wang acquired 100 percent of the company from Formosa Plastics.