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Taiwan to resume oil imports from Iran

by ChemOrbis Editorial Team - content@chemorbis.com
  • 27/01/2016 (14:45)
According to media reports, two Taiwanese refineries operated by CPC and Formosa Petrochemical are preparing for oil imports from Iran following the removal of sanctions. Accordingly, CPC and Formosa Petrochemical will be the first Asian companies to begin oil trading with Iran since sanctions on Iranian oil were lifted on January 16.

According to Reuters, an official from CPC reported that they would import around 2 million barrels of crude oil from Iran at the end of March or early April. Formosa Petrochemical also stated that they had already agreed with NIOC on crude oil shipments in late 2015 in anticipation of the lifting of sanctions and now they are waiting for approval from local authorities to receive the cargo.

The two companies reportedly will resume trading at pre-sanction levels with Iran’s state owned National Iranian Oil Company (NIOC).

Currently, Iran is trying to return to pre-sanctions levels of oil production and exports. Previously, Hellenic Petroleum said that they would begin importing Iranian crude oil as soon as possible. Hellenic Petroleum would be the first European company to begin oil trading with Iran since sanctions on Iranian oil were lifted.
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