Susan Wang Yuan

Susan Wang Yuan chairs Formosa Petrochemical Corporation (FPCC), Taiwan's largest oil refiner and a core entity within the Formosa Plastics Group. The company operates a massive 540,000 barrels per day refinery complex at Mailiao, Yunlin County — making it one of the largest single-site refineries in Asia. FPCC produces transportation fuels (gasoline, diesel, jet fuel), olefins, and aromatic compounds that serve as feedstocks for the Formosa group's downstream petrochemical operations. FPCC's integration within the Formosa Plastics Group provides a significant competitive advantage: refined products that might otherwise be sold at market prices are instead converted into higher-value petrochemical products by sister companies. The Mailiao complex includes the refinery, naphtha crackers, aromatics plants, and supporting infrastructure, creating one of Asia's most efficient integrated petroleum-to-chemicals operations. Key stock drivers include crude oil-to-product refining margins (the crack spread), Asian refining utilization rates, Taiwan fuel demand, feedstock pricing for downstream petrochemical units, Mailiao complex reliability and turnaround schedules, Chinese refining capacity additions, and energy transition impacts on long-term refined fuel demand.