Taiwan’s March Crude Oil Imports Fall as Refiner Shuts Units

Taiwan, which imports more than 99 percent of its crude oil needs, reduced purchases of the fuel last month after a refiner shut plants for maintenance.

Shipments fell 28 percent from a year earlier to 25.4 million barrels, the Ministry of Finance said in Taipei today. The island’s March oil bill declined 2.3 percent to $2.63 billion, the ministry said in a statement.

Formosa Petrochemical Corp. (6505), Taiwan’s only publicly traded oil refiner, halted its No. 1 crude distillation unit March 13 for scheduled maintenance, Lin Keh-yen, a company spokesman, said by phone March 14. The stoppage will last about 40 days, he said. The company halted its No. 1 residue desulfurization unit and No. 1 residual fluid catalytic cracker for maintenance along with the crude processing plant, Lin said.

Crude distillation units heat the fuel and separate it into oil products. Residue desulfurization units remove sulfur from residual fuel. Residual fluid catalytic crackers convert heavier refined products such as residual fuel into higher-value products, including gasoline.

(Source: http://www.bloomberg.com/news/2011-04-11/taiwan-s-march-crude-oil-imports-fall-as-refiner-shuts-units-1-.html)