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Taiwan Petrochemicals Report 2008 (Business Monitor International)
- Market: Energy and Utilities
- Published Date: 24/09/2008
- Report Title: Taiwan Petrochemicals Report 2008
- Table of Contents: View Table of Contents
- Report Type: Market Report
- Country: Taiwan
- Number of Pages: 40
Industry Overview
The Taiwanese petrochemicals industry has played an important role in the economic development of the country. The Industrial Development Bureau (IDB), under the Ministry of Economic Affairs, is reportedly working towards making the industry the eighth largest in the world by 2010. However, the country faces stiff competition from other regional producers who enjoy relatively lower labour costs and possess larger domestic markets. Taiwan lacks indigenous oil and gas resources and is dependent on importing refinery and petrochemicals feedstock. Furthermore, the country’s exports are chiefly dependent on the Chinese market.
Industry Structure
The industry consists mainly of approximately 50 upper- and middle-stream manufacturers based in Kaohsiung. Local players including Formosa Plastics Corporation (FPC), ChiMei, Lee Chang Yung Chemical and Chinese Petroleum Corporation (CPC) are increasingly gaining prominence in the international market.
Industry Developments
US-based ABB Lummus Global has won a contract for the construction of a petrochemicals complex at Lin Yuan in Kaohsiung from CPC. In June 2007, local joint venture Kuokuang was reportedly conducting feasibility analyses for the construction of a 1mn tonne per annum (tpa) naphtha cracker. Formosa launched a new 1.2mn tpa naphtha cracker at Mai Liao in May 2007. Reports in January 2007 suggested that local China Petrochemical Development Corporation CPDC is considering plans to construct a second hydrogen plant in southern Taiwan. Furthermore, a number of plants were shut down during the year for planned maintenance turnarounds.
New Regulations
Environmental awareness has been growing in the country. Some critics think that environmental impactrelated assessments by the Environmental Protection Administration (EPA) for newly launched projects may slow the pace of growth to some extent. Reduction of maximum allowable sulphur content to 50 parts per million (ppm) from 180ppm is a key requirement under the newly proposed guidelines governing Taiwanese refiners. The guidelines are in line with the government’s medium-term domestic environmental standards for petroleum products.
The Taiwanese petrochemicals industry has played an important role in the economic development of the country. The Industrial Development Bureau (IDB), under the Ministry of Economic Affairs, is reportedly working towards making the industry the eighth largest in the world by 2010. However, the country faces stiff competition from other regional producers who enjoy relatively lower labour costs and possess larger domestic markets. Taiwan lacks indigenous oil and gas resources and is dependent on importing refinery and petrochemicals feedstock. Furthermore, the country’s exports are chiefly dependent on the Chinese market.
Industry Structure
The industry consists mainly of approximately 50 upper- and middle-stream manufacturers based in Kaohsiung. Local players including Formosa Plastics Corporation (FPC), ChiMei, Lee Chang Yung Chemical and Chinese Petroleum Corporation (CPC) are increasingly gaining prominence in the international market.
Industry Developments
US-based ABB Lummus Global has won a contract for the construction of a petrochemicals complex at Lin Yuan in Kaohsiung from CPC. In June 2007, local joint venture Kuokuang was reportedly conducting feasibility analyses for the construction of a 1mn tonne per annum (tpa) naphtha cracker. Formosa launched a new 1.2mn tpa naphtha cracker at Mai Liao in May 2007. Reports in January 2007 suggested that local China Petrochemical Development Corporation CPDC is considering plans to construct a second hydrogen plant in southern Taiwan. Furthermore, a number of plants were shut down during the year for planned maintenance turnarounds.
New Regulations
Environmental awareness has been growing in the country. Some critics think that environmental impactrelated assessments by the Environmental Protection Administration (EPA) for newly launched projects may slow the pace of growth to some extent. Reduction of maximum allowable sulphur content to 50 parts per million (ppm) from 180ppm is a key requirement under the newly proposed guidelines governing Taiwanese refiners. The guidelines are in line with the government’s medium-term domestic environmental standards for petroleum products.
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