By: Pan Chi-I and Y.F. Low
Taipei, Nov. 9 (CNA) The production value of Taiwan’s petrochemical industry is expected to increase between 3.1 percent and 4.2 percent in 2016 as oil prices stabilize, a government-backed research institute said Monday.
According to the Industrial Economic and Knowledge Center (IEK) under the Industrial Technology Research Institute, most research institutes believe oil prices will stabilize and remain low in 2016.
This will help the profitability of Taiwan’s petrochemical companies, which use naphtha as raw material, the IEK said.
Also, demand for petrochemical products in China and other emerging markets such as India and Vietnam will support capacity utilization of Taiwan’s petrochemical industry, the IEK said. [FULL STORY]