Taiwan’s Crude Imports Rise as Formosa Increases Refining

May 7 (Bloomberg) -- 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.

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.