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Taiwan May Oil Imports Fall as Formosa Reduces Refining

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.

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