35041
Taiwan Increasing Oil Imports
Energy

Taiwan Increasing Oil Imports

Taiwan's refiners will increase crude imports from Iran this year, company spokesman said, paving the way for the sanctions-hit OPEC producer to regain its market share in Asia.
The companies are likely to be among the first in Asia to restart trade relations with Iran after the lifting of international sanctions, Trade Arabia reported. Refiners CPC and Formosa Petrochemical will resume imports, bringing them back to contractual volumes that had been previously agreed with the National Iranian Oil Company, the spokesmen said.
"We will purchase 2 million barrels of crude oil from Iran at the end of March or early April," CPC's spokesman, Ray-Chung Chang, told the news agency.
"It will be the first Iranian cargo for us this year."
Formosa Petrochemical spokesman, KY Lin, said the company was waiting for a green light from local authorities, but that it did not expect any restrictions on Iranian crude imports.
"We have already agreed with NIOC on a volume late last year in anticipation of the lifting of the sanctions," he said.
"It's a continuation of our contract."
Prior to the sanctions, Taiwan imported close to 60,000 barrels per day of Iranian crude in 2010, but the volume dwindled to an all-time low of 3,600 bpd in 2014.
Last year, the two Taiwanese refiners imported just 2 million barrels each, customs data showed.
Saudi Arabia, Kuwait and Oman are the top three crude suppliers to Taiwan.

Short URL : https://goo.gl/aVnq6C
  1. https://goo.gl/YzIHAO
  • https://goo.gl/qepFDm
  • https://goo.gl/THSuJM
  • https://goo.gl/3Q1Fcm
  • https://goo.gl/Nn8BQ7

You can also read ...

Turkey Cuts Iran Oil Imports
Turkey’s biggest oil importer Tupras has cut back purchases of...
US Oil Industry Lobbies Against Russia Sanctions
The US oil and gas industry is lobbying against tighter...
Lack of Wind Jeopardizes UK Turbine Investments
It has been a stifling summer of disappointment for investors...
Tabriz Refinery Signs Tail Gas Agreement
Tabriz Oil Refining Company signed a $12 million agreement on...
Kuwaiti Crude Heading for Japan
Kuwait's newly launched Super Light crude oil is increasingly...
MAPNA Ready to Increase Installed Power Capacity
Iran's top engineering and energy enterprise MAPNA Group is...
EOR Operations Underway at North Yaran Oilfield
Operations are underway to increase oil production at North...
ICOFC Intends to Boost Gas Condensate Output
The state-owned Iranian Central Oil Fields Company plans to...

Trending

Googleplus