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Taiwan’s October Oil Imports Rise as Formosa Boosts Refining

Nov. 8 (Bloomberg) -- Taiwan, which imports more than 99 percent of its crude needs, purchased more of the fuel last month as Formosa Petrochemical Corp. increased processing.

Shipments rose 13.2 percent from a year earlier to 27.6 million barrels, or about 890,000 barrels a day, in October, the Ministry of Finance said in Taipei today. The island’s oil bill increased 19.5 percent to $3.13 billion, the ministry said in a statement.

October revenue for Formosa Petrochemical, Taiwan’s only publicly traded oil refiner, climbed 19 percent from a year earlier as the company increased its output of fuels and petrochemicals, the company said in a statement on Nov. 5. Crude refined in the month was 30,000 barrels a day higher than a year earlier, according to the statement.

To contact the reporters on this story: Yu-huay Sun in Taipei at ysun7@bloomberg.net; Tim Culpan in Taipei at tculpan1@bloomberg.net.

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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