Formosa Plastics reports 27% sales rise

PEAKS:Taiwan’s petrochemical companies are expecting higher sales this quarter based on demand in China for cars and home appliances, and improved conditions in India

Taipei Times
Date: Feb 13, 2017
By: Ted Chen / Staff reporter

Formosa Plastics Group (台塑集團), the nation’s largest industrial conglomerate, on Friday reported that combined sales at its four main units last month rose 26.9 percent compared with the previous year to NT$129.43 billion (US$4.17).

Among the four units, Formosa Petrochemical Corp (FPCC, 台塑石化), the nation’s only listed oil refiner, was the top performer last month, posting sales of NT$60.55 billion, up 44 percent annually and 7.4 percent monthly, company data showed.

At a news conference on Friday, FPCC president Tsao Minh (曹明) gave an upbeat outlook on global oil prices on the back of improving economic growth momentum and ongoing production cuts among oil suppliers.

Tsao said that crude prices are expected to rise to about US$55 per barrel this year, adding that rising prices have led to a US$3.2 per barrel increase in the average selling prices of the company’s oil products last month.    [FULL  STORY]

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