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Taiwan’s Crude Imports Rise as Formosa Increases Refining

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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