UPDATE 2-Taiwan petrochem giant Formosa Plastics founder dies

TAIPEI Oct 16 (Reuters) - Taiwan businessman Wang Yung-ching, who rose from modest roots to help build his native country into a regional petrochemical powerhouse, has died at the age of 91, his Formosa Plastics Group said on Thursday.

A household name at home and the world's 178th richest man with a fortune worth $5.5 billion according to Forbes, Wang ran his group for more than half a century, earning himself a reputation as a shrewd and driven businessman.

Despite his media shyness, Wang, who had three wives and fathered 10 children, was a constant object of attention during his 52 years at the helm of Formosa Plastics, an Asian petrochemicals giant that he and his brother co-founded in 1954.

Even after he left his day-to-day role at the company in 2006, Wang continued to fascinate Taiwan society with his comings and goings, including frequent trips to China as he advocated stronger cross-strait relations.

"He bore witness to a generation, using his hard work and thrift to rise from poverty to wealth, helping to usher in a new era," said Cheng Wen-tsang, a spokesman for Taiwan's main opposition Democratic Progressive Party.

"Wang Yung-ching represents the entrepreneurial spirit of Taiwan, someone that people look up to and respect," he said.

Wu Poh-hsiung, chairman of the ruling Nationalist Party, also praised Wang: "Wang's entrepreneurial spirit and business sense represent the best of Taiwan."

Born in Taiwan to a tea farmer in 1917, when the island was still a Japanese colony, Wang began his career as an apprentice at a rice shop before going on to found Formosa Plastics, according to a "who's who in Taiwan" government website.

Outside his core petrochemical empire, his later enterprises would take him into such diverse areas as biotech, hospitals and medical devices.

He was known throughout for his devotion to work and his desire to improve ties between Taiwan and its political rival China, which have been separated since the end of the Chinese civil war in 1949.

After a major earthquake struck China's Sichuan province in May this year, killing more than 80,000, Wang and Formosa Plastics made headlines both at home and in China for their speedy and generous donations to quake victims.

At its weekly media briefing in Taipei on Thursday, cabinet spokeswoman Vanessa Shih took time out to pay her respects.

"A man who made a great contribution to Taiwan society has died," she told a press briefing. ""We feel very sad."

Wang died in his sleep on Wednesday on a trip to the United States, the company said in a statement.

(Additional reporting by Jeanny Kao)

(Reporting by Doug Young; Editing by Sonya Hepinstall)