Bloomberg News

Taiwan December Oil Imports Rise as Formosa Boosts Purchases

January 09, 2012

(Updates with oil bill in second paragraph.)

Jan. 9 (Bloomberg) -- Taiwan, which imports more than 99 percent of its crude needs, bought more oil in December as Formosa Petrochemical Corp. increased purchases.

Shipments climbed 5.5 percent from a year earlier to 24.9 million barrels last month, the Ministry of Finance said in Taipei today. The island’s December oil bill increased 38 percent to $2.79 billion, the ministry said in a statement.

Formosa Petrochemical, Taiwan’s only publicly traded refiner, bought extra crude and naphtha cargoes in case supplies from Iran are cut amid sanctions against the country and its threat to shut a Middle East oil transit route, company president Tsao Mihn said on Jan. 6.

--Editors: Christian Schmollinger, Ryan Woo

To contact the reporters on this story: Yu-huay Sun in Taipei at ysun7@bloomberg.net; To contact the reporter on this story: Chinmei Sung in Taipei at csung4@bloomberg.net.

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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