Taiwan, which imports more than 99 percent of its oil, increased purchases in March to support processing at Formosa Petrochemical Corp.
Shipments climbed to 27.4 million barrels last month, up 7.8 percent from a year earlier, the Ministry of Finance said today in Taipei. The island’s March payments for oil jumped 27 percent to $3.32 billion, the ministry said in a statement.
Formosa Petrochemical, Taiwan’s only publicly traded oil refiner, processed 69,000 barrels more crude a day on average in March than a year earlier, it said in an April 3 statement. Crude prices rose in the first quarter as the U.S. economy improved and sanctions targeting Iran raised supply concerns.
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