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Taiwan Secures LNG Assurances Amidst Global Energy Fears
4 Apr
Summary
- Taiwan received supply assurances from a major LNG-producing nation.
- The island has secured alternative LNG supplies from Australia and the US.
- Taiwan is not considering importing crude or LNG from Russia.
Taiwan has received assurances of continued liquefied natural gas (LNG) supply from a major energy-producing nation, its economy minister revealed on Saturday. This development comes as the island navigates potential impacts on Middle East energy imports. Previously, Taiwan sourced approximately one-third of its LNG from Qatar.
Economy Minister Kung Ming-hsin stated that a "major energy-producing country" proactively contacted him two weeks prior, offering full support for Taiwan's natural gas needs. Additionally, another nation proposed assistance if Taiwan required it, drawing parallels to coordinated releases of strategic petroleum reserves.
These reassurances underscore the international goodwill Taiwan has cultivated through years of building trust with its global partners. Despite these assurances, Taiwan is not considering imports from Russia.
The state-owned refiner CPC confirmed that crude oil inventories are stable and petrochemical feedstock supplies remain at pre-conflict levels. CPC is also expanding its LNG contracts, notably with the U.S., to reduce reliance on the Middle East.
