BREAKING NEWS

Report: Taiwan resumes crude oil import from Iran

By JPOST.COM STAFF

DECEMBER 15, 2012 16:18

Taiwan resumed crude oil imports from Iran in November, Fox Business reported on Friday.

According to the Bureau of Energy, CPC Corp., a major crude oil importer that is owned by the state, bought 2 million barrels of crude oil from Tehran that will be supplied by the end of December.

Taiwan is breaking international sanctions placed on the Islamic Republic meant to cripple its economy and halt its nuclear program.

"Due to risk diversification, we will continue to buy Iranian crude but the volume will decrease on a yearly basis in accordance to government's pledge to reduce oil trade with Iran over its nuclear program," the company's spokesman said.

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