At yesterday's shareholders meeting, Formosa Petrochemical's Chairman, Tsao Ming, stated that due to the decline in international oil prices, the pressure of losses this year is expected to decrease compared to the 10.9 billion NTD losses incurred last year following the government's minimum price policy. He forecasts that international oil prices will fluctuate in the range of 60 to 70 USD per barrel.

In response to the changing external environment, Formosa Petrochemical continues to focus on cost reduction, process optimization, and actively promotes energy transition and the development of low-carbon products. To lower costs further, the company plans to purchase 300,000 tons of ethane from the U.S. as raw material. Along with the usage of refrigerated ships, storage terminals, and process adjustments, this plan is expected to be completed by early 2027, enhancing the raw material flexibility for its naphtha cracking plant.

Addittionally, Formosa Petrochemical is working on establishing a sustainable aviation fuel (SAF) supply chain in Taiwan, with an expected supply volume of 5,500 tons this year. Tsao noted that they have taken a significant step, and if the import of foreign waste oil is allowed in the future, they could aim for a target of 50,000 tons.

He also mentioned that the Miryao power plant, in which they have invested, secured a natural gas power purchase agreement with Taipower in May, and the Miryao Industrial Port is being prepared for transformation into a comprehensive industrial port. The investment required to convert the Miryao power plant from coal to natural gas is expected to reach 100 billion NTD, with completion anticipated by the end of 2029.