According to statistics released by the Bureau of Energy of the island, Taiwan, which imports more than 99% of its crude oil needs, imported 28.16 million barrels of crude oil in October this year, down 7.5% compared with the same period of last year.
In October, the island's crude oil import volume increased 4.9% from September this year.
CPC Corp, a state owned petroleum, natural gas, and gasoline company in Taiwan and the core of the Taiwanese petrochemicals industry, and Formosa Petrochemical Corp, Taiwan's only publicly traded oil refiner, processed a total of 4.67 million kiloliters of crude oil in October, reflecting a growth of 11.12% YoY.
Capacity utilization for the island's refiners was 75.04% in the month, up from the 74.42% recorded in September.
In 2011, Taiwan's crude oil imports decreased 9.3% YoY, due in part to a significant decline in imports from Iran.
