Reported 7 months ago
Formosa Plastics held its shareholders' meeting on June 14, with Chairman Chen Bao-lang presiding over the election of directors and supervisors. Chen will transition to the role of senior advisor, with Cao Ming taking over as chairman. Looking ahead, Chen stated that despite challenges like the Russia-Ukraine conflict and inflation, the company expects stable operations as global economic recovery continues. Formosa Plastics aims for business upgrades and transformation in areas such as digitalization, AI applications, clean energy, and carbon reduction, with notable progress already seen at its Mailiao plant. The company's sales targets for 2022 include gasoline sales of 5,169 thousand kiloliters and diesel sales of 10,261 thousand kiloliters. In response to carbon reduction initiatives, Formosa Plastics plans to replace coal with natural gas for power generation to reduce emissions. AI technologies have already been utilized to enhance production efficiency and value. The outlook for the latter half of the year looks positive, with stable oil prices expected. Despite market uncertainties, positive factors like the tourism peak season and potential interest rate cuts in the US could drive oil demand.
Source: YAHOO