CPC Corp, Taiwan is gearing up to secure crude oil and natural gas supplies for the fourth quarter, as tensions in the Middle East continue, Taipei Times reported Tuesday, citing Minister of Economic Affairs Kung Ming-hsin.
Taiwan's supply position remains comfortable, with crude oil reserves covering around 140 to 150 days and natural gas stocks about 12 days, slightly above the mandated safety level, Kung reportedly said in a Legislative Yuan's Economics Committee meeting.
Most near-term procurement has already been locked in, with planning now shifting to later in the year, the report quoted Kung as saying.
Middle East shipping disruptions have cut export flows but Taiwan has been largely protected by its diversified supply sources, especially imports from the U.S., CPC Chairman Fang Jeng-zen reportedly told the committee.
The government is also supporting CPC with loans, subsidies, and planned capital injections to help offset rising fuel costs, the report said, citing the economic affairs minister.