Formosa mulls reduction of crude oil imports from Iran to cooperate with US and European efforts

20-Feb-12

Formosa Petrochemical Corp is considering a reduction in crude oil from Iran in cooperation with US and European efforts to choke off Iran's oil revenue over the nation's nuclear program, as per Dow Jones. Currently, the country is assessing measures to minimize any potential economic impact. Iranian crude oil accounts for around 4% of the Taiwan's total imports of crude oil in 2011, down from 6.8% in 2010 and 7.8% in 2009, Bureau of Energy data showed. Formosa Petrochemical has agreed to abide by the government's decision as long as "the company does not breach [existing] contracts with its suppliers in Iran.