Taiwan's Oil Reserves High, Qatar LNG Expected in September Amid Mideast Calm

Amidst easing tensions in the Middle East, CPC Corporation has assured the public that Taiwan's national oil reserves are at a high level. The company is closely monitoring the situation, particularly concerning the Strait of Hormuz, a critical chokepoint for global energy transport. CPC stated that if the Strait of Hormuz reopens, it plans to designate loading ports within the bay in July and August to secure a more diverse range of crude oil, including asphalt-based and high-sulfur varieties.

These diversified crude oil imports are expected to support the production of various by-products, such as asphalt and sulfur, to meet domestic demand. For natural gas, CPC is assessing the situation closely. If a peace agreement between the United States and Iran is successfully signed on June 19, and maritime traffic through the Strait of Hormuz resumes, CPC anticipates that liquefied natural gas (LNG) shipments from Qatar will begin arriving in Taiwan in early September.

CPC emphasized its commitment to continuously observing developments in the Middle East and flexibly adjusting its oil and gas procurement strategies in response. The company's proactive approach aims to ensure stable energy supply for Taiwan, regardless of geopolitical fluctuations. The planned procurement of Qatari LNG is a key component of this strategy, contingent on the de-escalation of regional conflicts and the reopening of vital shipping lanes.