Varied Q3 forecasts for FPG units

UNCERTAINTY: Formosa Chemicals and Nan Ya Plastics were upbeat on revenue, while the petrochemical and plastics arms voiced caution over oil and protectionism

Taipei Times
Date: Jun 07, 2018
By: Kuo Chia-erh  /  Staff reporter

The four major units of Formosa Plastics Group (FPG, 台塑集團) yesterday provided mixed outlooks for next quarter, as global oil prices remain uncertain due to growing political risk.

“Worries over supply disruptions from Venezuela and Iran have driven up oil prices,” Formosa Petrochemical Corp (台塑石化) president Tsao Minh (曹明) said.

Tsao did not give a detailed forecast for global crude oil prices or the company’s product prices, but said that the US’ assurance of a stable oil supply should offset the effects of declining oil exports from Venezuela and Iran.

Washington has reportedly asked Saudi Arabia and other OPEC members to increase oil production by about 1 million barrels a day, Bloomberg News said on Tuesday.

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