ACROSS THE BOARD: All four of Formosa Plastics Group’s major units reported sales growth for last month to combine for overall revenue of NT$139.76bn, up 26.2%

Taipei Times
Date: May 08, 2018
By: Kuo Chia-erh  /  Staff reporter

Formosa Petrochemical Corp (台塑石化) yesterday posted the largest annual growth in monthly revenue among Formosa Plastics Group’s (台塑集團) four major units, thanks to higher crude oil prices.

Sales last month jumped 40 percent year-on-year to NT$59.18 billion from NT$42.27 billion (US$1.99 billion from US$1.42 billion), mainly due to rising product prices supported by an uptrend in global crude oil prices, Formosa Petrochemical said.

The average selling price of the company’s oil products increased by US$15.4 per barrel from April last year, the company said in a statement.

The nation’s only listed refinery sold 16.39 million barrels of oil products over the period, up from 4.61 million barrels last year, company filings showed.

Asked about oil price trends, Formosa Petrochemical president Tsao Minh (曹明) said any new US sanctions against Iran should be closely watched.    [FULL  STORY]