Taiwan’s Formosa Petrochemical Corp. considers reducing overall refinery processing rates by 5% due to weak gasoline margins according to Bloomberg citing spokesperson Lin Keh Yen.

• The cut of 5% from November would be relative to the October level with operations running at 100% this month.
• The ongoing high cost of feedstock such as vacuum gasoil for its residue catalytic cracker is adding to the weak margins.
• No final decision on the cut has yet been made with any curbs to refinery operations minimal with margins for gasoil and jet fuel still elevated above 20$/bbl, said Lin.