Taiwan February Oil Imports Fall After Refiner Halts Plant

Taiwan, which imports more than 99 percent of its crude oil needs, purchased less of the fuel in February after a refiner halted a unit for inspections.

Shipments declined 8.1 percent from a year earlier to 23.99 million barrels last month, the Ministry of Finance said in Taipei today. The island’s February oil bill climbed 11 percent to $2.77 billion, the ministry said in a statement.

Formosa Petrochemical Corp. (6505), the smaller of Taiwan’s two refiners, said on March 3 that oil processing declined in February because of a planned stoppage at a distillation unit. State-run CPC Corp. is the company’s bigger competitor.

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.

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