The global forage feed market has been undergoing noteworthy development in the past few years. This can be accredited to the progression in farm animal production, upsurge in the global meat intake, and growing awareness regar…
BMI View: Taiwan has limited hydrocarbons reserves, which depresses domestic production levels and
makes the country a significant importer of oil and gas. Growing use of gas for power generation and the
ongoing modernization of the country's refining sector will further raise Taiwan's demand, thus imports of
crude oil and LNG over the coming decade. We believe that additional regasification capacity and LNG
supplies post-2020 will be needed to support higher gas consumption.
Latest Updates and Key Forecasts
? Taiwan has no major reserves of hydrocarbons; moreover, these modest reserves are set for a continuous
decline over the coming decade, despite Taiwan's efforts to promote exploration.
Although initially slated for a start-up in mid-2017, state-owned CPC Corporation has brought forward
plans to instead target completion of upgrades at Dalin refinery by the end of 2016. This will moderate
the refining capacity reduction after the closure of Kaohsiung facility in January 2016.
We forecast that upgrades at the Dalin refinery will reverse the negative refined fuels' production curve.
Over the next decade, refined fuels' production will rise at an average rate of 1.0% per annum, from
864,000b/d in 2015 to 951,730b/d in 2025.