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    6505   TW0006505001

FORMOSA PETROCHEMICAL CORPORATION

(6505)
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Taiwan's Formosa plans to increase refinery output in May

04/20/2021 | 01:17am EDT

SINGAPORE (Reuters) - Taiwan's Formosa Petrochemical Corp plans to ramp up operating rates at its refinery in May to 74% once it restarts a gasoline-making unit after maintenance and as refining margins have improved, the company's spokesman said.

Formosa plans to process 400,000 barrels per day (bpd) of crude in May, or 74% of its total capacity, up from 340,000 bpd in March and April, spokesman KY Lin told Reuters.

The higher utilization rate comes as Asian gasoline refining margins have returned to pre-COVID-19 levels. Formosa is among the largest oil products exporters in Asia and a ramp-up in its output is expected to lead to more exports.

Formosa's refinery has been operating at about 60% between February and April due to maintenance, while its No.2 residue desulphuriser unit is undergoing repairs following a fire in July.

"Our RCC (residue catalytic cracker) will resume operations in May so we'll process some sweet crude," Lin said, adding that prices for gasoline and propylene, a petrochemical feedstock, produced from the RCC are favourable.

Formosa operates three crude distillation units with a capacity of 180,000 bpd each at its complex in Mailiao.

(Reporting by Florence Tan; Editing by Himani Sarkar)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
FORMOSA PETROCHEMICAL CORPORATION 0.53% 95 End-of-day quote.-4.81%
LONDON BRENT OIL 0.94% 78.01 Delayed Quote.49.38%
WTI 0.93% 73.961 Delayed Quote.52.07%
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More news
Financials
Sales 2021 600 B 21 641 M 21 641 M
Net income 2021 56 734 M 2 046 M 2 046 M
Net cash 2021 56 319 M 2 031 M 2 031 M
P/E ratio 2021 16,0x
Yield 2021 4,46%
Capitalization 905 B 32 568 M 32 629 M
EV / Sales 2021 1,41x
EV / Sales 2022 1,30x
Nbr of Employees 6 189
Free-Float 12,4%
Chart FORMOSA PETROCHEMICAL CORPORATION
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Formosa Petrochemical Corporation Technical Analysis Chart | 6505 | TW0006505001 | MarketScreener
Technical analysis trends FORMOSA PETROCHEMICAL CORPORATION
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 10
Last Close Price 95,00 TWD
Average target price 99,67 TWD
Spread / Average Target 4,91%
EPS Revisions
Managers and Directors
Ming Tsao General Manager & Director
Chien Tang Tsai Chief Financial Officer & Deputy Spokesman
Pao Lang Chen Chairman
Yu Cheng Independent Director
Chang-Pang Chang Independent Director
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