Taiwan, which imports more than 99 percent of the oil it consumes, increased purchases in April to support refining at Formosa Petrochemical Corp.
Shipments climbed 32 percent from a year earlier to 29.6 million barrels last month, the Ministry of Finance said in Taipei today. The island’s April oil bill increased 45 percent to $3.7 billion, the ministry said in a statement.
Formosa Petrochemical, Taiwan’s only publicly traded oil refiner, processed 143,000 barrels more crude a day on average in April than a year earlier as it operated naphtha crackers at full capacity, the company said in a statement on May 3. The facilities process naphtha, distilled from crude, into petrochemicals including ethylene for manufacture of plastics and chemicals.
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