Taiwan resumes importing Iranian oil

12/14/2012

Taiwan resumes importing Iranian oil

BY JENNY W HSU

TAIPEI -- Taiwan resumed Iranian crude oil imports in November ending a seven month moratorium after winning an exemption from United States sanctions. CPC purchased 2 mmbbl of Iranian crude loaded last month, the Bureau of Energy said.

Formosa Petrochemical bought approximately 2 mmbbl of Iranian crude to be loaded by the end of December, company spokesman K. Y. Lin said.

"Due to risk diversification, we will continue to buy Iranian crude but the volume will decrease on a yearly basis in accordance to government's pledge to reduce oil trade with Iran over its nuclear program, Mr. Lin" said.

Dow Jones Newswires

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