FPMC C Lord Carrying 2 Million Barrels of Crude Oil Arrives at Mailiao Port on May 6; Formosa Petrochemical: Refinery Operating Rate to Gradually Increase to 80%
Formosa Petrochemical announced that its VLCC "FPMC C Lord," carrying 2 million barrels of crude oil, will arrive at Mailiao Port on May 6. This arrival will allow the company's refinery operating rate to gradually recover from 43% in April to over 60% in May and 80% in June, attributed to diversified procurement strategies amidst the US-Iran conflict.
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- 📰 Published: May 5, 2026 at 12:27
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US-Iran War Key News
Central News Agency
(Central News Agency reporter Tseng Jen-kai, Taipei, May 5) Formosa Marine Transport's (FPMC) very large crude carrier (VLCC) FPMC C Lord, loaded with 2 million barrels of crude oil, successfully passed through the Strait of Hormuz in mid-April and is expected to arrive at Mailiao Port on May 6. Formosa Petrochemical (FPC) has received a timely supply of raw materials, and coupled with the success of its diversified procurement strategy, FPC internally plans to increase its refinery capacity operating rate from 43% in April to over 60% in May, and further raise it to 80% in June.
The US-Iran war temporarily ceased hostilities in mid-April, and Iran briefly reopened the Strait of Hormuz. Among the few ships that passed through the strait was Formosa Marine Transport's (FPMC) FPMC C Lord, flying the Liberian flag. FPC President Lin Ke-yen confirmed that the FPMC C Lord is expected to arrive at Mailiao Port on May 6, carrying approximately 2 million barrels of Saudi crude oil, which will help alleviate FPC's tight raw material supply.
Lin Ke-yen told the Central News Agency reporter that in addition to the FPMC C Lord, FPC has actively adopted a diversified procurement strategy, including purchasing crude oil from the Red Sea, Gulf of Oman, and other non-Persian Gulf regions in the Middle East, as well as West Africa and the Mediterranean. Raw materials are arriving at ports successively.
Lin Ke-yen stated that after the outbreak of the US-Iran war, FPC quickly initiated contingency plans, including adjusting transportation routes and finding alternative sources of raw materials. From late March to April, due to the outbreak of the war, many previously ordered oil supplies did not arrive, and it was difficult to find other raw materials at short notice, causing FPC's production line operating rate to drop. The refinery capacity operating rate in April was only slightly over 40%.
Now, with the success of the diversified procurement strategy, Lin Ke-yen stated that the operating rate should be able to recover somewhat starting in May. According to FPC's internal plan, the refinery capacity operating rate will increase to over 60% in May and further rise to 80% in June.
As for light cracker capacity, Lin Ke-yen stated that because not enough light oil could be purchased, and the current price of light oil is very high, downstream customers are unable to absorb the price difference. FPC shut down its Olefins Plant 3 from March 24, maintaining only one ethylene plant in operation. The light cracker capacity operating rate in April was about 33%, and is expected to slightly increase to 35% in May and June.
Lin Ke-yen stated that although FPC has managed to obtain some crude oil through contingency measures such as diversified procurement, everyone is currently relying on existing inventories, including several countries releasing strategic crude oil reserves and some offshore crude oil inventories. However, if the war continues, the global crude oil market will face long-term supply shortages, and the problem of raw material scarcity will eventually emerge. (Edited by Chang Liang-chih) 1150505
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Central News Agency
(Central News Agency reporter Tseng Jen-kai, Taipei, May 5) Formosa Marine Transport's (FPMC) very large crude carrier (VLCC) FPMC C Lord, loaded with 2 million barrels of crude oil, successfully passed through the Strait of Hormuz in mid-April and is expected to arrive at Mailiao Port on May 6. Formosa Petrochemical (FPC) has received a timely supply of raw materials, and coupled with the success of its diversified procurement strategy, FPC internally plans to increase its refinery capacity operating rate from 43% in April to over 60% in May, and further raise it to 80% in June.
The US-Iran war temporarily ceased hostilities in mid-April, and Iran briefly reopened the Strait of Hormuz. Among the few ships that passed through the strait was Formosa Marine Transport's (FPMC) FPMC C Lord, flying the Liberian flag. FPC President Lin Ke-yen confirmed that the FPMC C Lord is expected to arrive at Mailiao Port on May 6, carrying approximately 2 million barrels of Saudi crude oil, which will help alleviate FPC's tight raw material supply.
Lin Ke-yen told the Central News Agency reporter that in addition to the FPMC C Lord, FPC has actively adopted a diversified procurement strategy, including purchasing crude oil from the Red Sea, Gulf of Oman, and other non-Persian Gulf regions in the Middle East, as well as West Africa and the Mediterranean. Raw materials are arriving at ports successively.
Lin Ke-yen stated that after the outbreak of the US-Iran war, FPC quickly initiated contingency plans, including adjusting transportation routes and finding alternative sources of raw materials. From late March to April, due to the outbreak of the war, many previously ordered oil supplies did not arrive, and it was difficult to find other raw materials at short notice, causing FPC's production line operating rate to drop. The refinery capacity operating rate in April was only slightly over 40%.
Now, with the success of the diversified procurement strategy, Lin Ke-yen stated that the operating rate should be able to recover somewhat starting in May. According to FPC's internal plan, the refinery capacity operating rate will increase to over 60% in May and further rise to 80% in June.
As for light cracker capacity, Lin Ke-yen stated that because not enough light oil could be purchased, and the current price of light oil is very high, downstream customers are unable to absorb the price difference. FPC shut down its Olefins Plant 3 from March 24, maintaining only one ethylene plant in operation. The light cracker capacity operating rate in April was about 33%, and is expected to slightly increase to 35% in May and June.
Lin Ke-yen stated that although FPC has managed to obtain some crude oil through contingency measures such as diversified procurement, everyone is currently relying on existing inventories, including several countries releasing strategic crude oil reserves and some offshore crude oil inventories. However, if the war continues, the global crude oil market will face long-term supply shortages, and the problem of raw material scarcity will eventually emerge. (Edited by Chang Liang-chih) 1150505
Choose to stand with facts; every sponsorship you provide is a force for protecting press freedom.
Download the Central News Agency's "First-hand News" APP to stay updated with the latest news.
All text, images, and videos on this website may not be reproduced, publicly broadcast, or publicly transmitted and used without authorization.