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Taiwan May Oil Imports Fall as Formosa Reduces Refining

June 7 (Bloomberg) -- Taiwan, which imports more than 99 percent of its crude oil needs, purchased less of the fuel in May as Formosa Petrochemical Corp. reduced refining.

Shipments declined 7.4 percent from a year earlier to 22.5 million barrels last month, the Ministry of Finance in Taipei said in a statement today. The island’s May oil bill declined 6.2 percent to $2.69 billion, it said.

Crude oil processed in May at Formosa Petrochemical, the smaller of Taiwan’s two refiners, was on average 61,000 barrels a day less than a year earlier, the company said in a June 4 statement to the Taiwan stock exchange. The refiner halted a distillation unit for maintenance in May, according to the statement.

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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