Taiwan's July crude oil imports reach 24.3 million barrels

Taiwan imports more than 99% of its crude oil needs, and this year’s imports totaled 24.3 million barrels, 10% higher than the same period last year. According to statistics released by the Bureau of Energy, in July, the island’s crude oil import volume increased by 13% from June this year due mainly to increases in processing by state-owned CPC Corp., Taiwan, as well as Formosa Petrochemical Corp., Taiwan’s only publicly owned oil and petrochemical company. The two firms processed a total of 4.3 million kiloliters of crude oil in July, reflecting a growth of 2.3% year-on-year. Capacity utilization for the Taiwanese refiners reached 69.95% in July, partly due to a significant decline in imports from Iran. (September 14, 2012)