Formosa Petrochemical Corp. press statement

In response to recent media reports regarding Taiwan becoming the world’s larg-est importer of Russian Naphtha, Formosa Petrochemical Corporation (“the Company”) issues the following statement:

According to the Company’s internal data, Russian naphtha accounted for ap-proximately 60% of total imports in 2024 and about 85% thus far in 2025, not 90% as reported by some media. When including the Company’s own naphtha production, the actual proportions were about 35% in 2024 and are estimated at 48% in 2025.

As a publicly listed company, all of our naphtha is procured through open ten-dering without restriction on country of origin. However, we strictly require all suppliers to comply with international sanctions and EU regulation CN27101290, and all trading counterparties and shipping vessels must not ap-pear on the U.S. OFAC sanctions list. We also clarify that the naphtha procured by the Company complies with EU rules, with a price cap of USD 100 per barrel, not the USD 45 per barrel mistakenly reported, which applies only to fuel oil products.

In recent years, due to global market conditions, most bidding suppliers have de-livered Russian naphtha, which has led to a higher share from this source. This is purely the result of market circumstances, not a deliberate shift in procurement strategy.

Regarding exports, in 2024 the Company’s total sales to the U.S. and European markets amounted to approximately NTD 12.4 billion, of which oil products ac-counted for 92% and petrochemicals 8%. The export share of petrochemical products was therefore very low. It is important to emphasize that 100% of the crude oil used by the Company is non-Russian in origin, meaning that oil prod-ucts exported to the U.S. and Europe contain no Russian crude components.

Should stricter international regulations be imposed or the Taiwan government issue a ban in the future, the Company will fully comply and immediately cease procurement as required.