Taiwan's Formosa cuts May run rate by about 3 percentage points from original plan
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By Jeslyn Lerh
SINGAPORE, May 2 (Reuters) -Taiwan's Formosa Petrochemical Corp 6505.TW, one of Asia's largest refined products exporters, has cut its run rate in May by about 3 percentage points from an original plan after refining margins weakened in Asia, the company's spokesman said.
The refinery plans to process about 441,000 barrels per day (bpd) of crude in May, bringing its run rate to about 82%, spokesman K.Y. Lin said. Formosa had originally planned to operate its plant at 85%.
The refinery has no plans to cut run rates for June and July for now, said Lin, depending on trends of refining margins, crude prices and summer demand.
Profit margins for complex refineries in Singapore, the bellwether for Asian refiners, slipped under $4 a barrel in April, from nearly $6 in the previous month. DUB-SIN-REF
Reporting by Jeslyn Lerh; Editing by Himani Sarkar
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