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| The Economic Roundup is an excerpted translation of the Chinese-language ROC Economic Yearbook published by the Economic Daily News, a sister publication of the Taiwan Economic News. The yearbook is the most comprehensive and authoritative source for understanding the fundamentals of Taiwan's economy, both in the macro and micro aspects. The excerpted translation gives foreign readers a concise view of the island's overall economic picture. It is divided into four parts: general economy, primary industries, secondary industries, and tertiary industries. |
| Secondary Industries > Petroleum And Coal Products |
| The state-run Chinese Petroleum Corp. (CPC) and the privately-run Formosa Petrochemical Corp. are the only two producers of oil products in Taiwan, while China Steel Corp. (CSC) refines imported coal into coke and coal gas as material and fuel, respectively, for steel production.
In 2005, Taiwan turned out NT$885.5 billion worth of petroleum and coal products, representing a sharp growth of 27.6% from NT$694.2 billion in 2004 due to brisk export performance.
With limited mineral resources, Taiwan has to rely on imports for the supply of crude oil and coal. In 2005, Taiwan refined 59.72 million kiloliters of crude oil and 5.77 million metric tons of coal into energy products. The output of oil products is mainly for domestic use, with relatively small export and import volumes to moderate the domestic supply and demand. Coke and coal gas are totally for own use by CSC.
Taiwan produces a small volume of natural gas, meeting about 10% of the domestic demand, with the large shortfall covered by imported liquefied natural gas.
In a bid to meet the growing demand for oil products in the domestic market, both CPC and Formosa Petrochemical are expanding their oil refining facilities. |
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