04 April 2007 08:39 [Source: ICIS news]
SINGAPORE (ICIS news)--Formosa Petrochemical has targeted a 45% rise in ethylene production this year to reach 2.758m tonnes after posting higher 2006 olefins operating profit, a company official said on Wednesday.
Operating profit at its olefins segment rose 4% to New Taiwan dollar (NT$) 18.1bn ($546.5m) from a year ago on higher volume and prices.
The Taiwanese refining and chemicals major operated its crackers at more than 100% last year and ethylene production reached 1.902m tonnes.
It will start up its new 1.2m tonne/year cracker in Mailiao in the second quarter.
Other segments in the company did not perform well. Its refining operating profit fell 19% to NT$29.5bn even though revenue rose 19% to NT$424.7bn.
At group level, its operating profit fell 13% to NT$53.4bn while revenue rose 19% to NT$529.5bn.
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Capacity of the refinery will reach 540,000 bbl/day in the second quarter of 2008. The company will also complete its 10,000 bbl/day base oil project in Mailiao at the same time.
($1 = NT$33.12)
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