Major Taiwanese news network Liberty Times Network (LTN) recently reported that the Taiwan state-owned CPC Corporation (Taiwan’s largest petroleum company) increased its oil import ration from the U.S. from 30 percent in 2018 to 40 percent in 2019. This made the United States Taiwan’s largest oil supplier. Natural gas imports from the U.S. are on the path of rapid growth as well. The planning involves an increase from today’s three percent to 16 percent in 2021. Taiwan is finalizing a US$475 million shale gas investment (30 percent of the stake) in Haynesville, Louisiana. Although the U.S. oil shipping distance is longer than from the Middle East, yet the U.S. suppliers have competitive pricing and also provide diversity. However, Taiwan does not plan to exceed the 40 percent upper ceiling for U.S. oil. The CPC also suggested that the expected significant increase of the natural gas import level was a direct result of the U.S. Trump administration removing the legal restrictions on exporting U.S. LNG (Liquefied Natural Gas).
Source: LTN, December 25, 2019