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Taiwan’s Oil Imports Rise After Industrial Output Accelerates

March 7 (Bloomberg) -- Taiwan, which imports more than 99 percent of its crude, purchased more in February after growth in industrial output accelerated, boosting energy demand.

Shipments rose 12 percent from a year earlier to 26.8 million barrels last month, the Ministry of Finance said in Taipei today. That’s equivalent to about 958,000 barrels a day. The island’s February oil bill increased 7 percent to $2.96 billion, the ministry said in a statement.

Industrial production increased 19 percent from a year earlier in January, the fastest pace in more than two years, a Ministry of Economic Affairs report showed Feb.27. Output by chemical makers climbed 15 percent.

To contact the reporters on this story: Yu-Huay Sun in Taipei at ysun7@bloomberg.net or Chinmei Sung in Taipei at csung4@bloomberg.net

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

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