Bloomberg News

Taiwan’s Oil Imports Rise to Support Refining at Formosa

April 09, 2012

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.

To contact the reporter on this story: Yu-Huay Sun in Taipei at ysun7@bloomberg.net Tim Culpan in Taipei at Tim Culpan in Taipei at tculpan1@bloomberg.net

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


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus