Taiwan May Oil Imports Fall as Formosa Reduces Refining
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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.