According to Reuters, Taiwan’s Refiners CPC Corp and Formosa Petrochemical will expand their crude imports from Iran.
“We will purchase 2 million barrels of crude oil from Iran at the end of March or early April,” CPC’s Spokesman Ray-Chung Chang said.
“It will be the first (Iranian) cargo for us this year,” he added.
Meanwhile, Formosa Petrochemical Spokesman KY Lin said, “We have already agreed (with National Iranian Oil Company) on a volume late last year in anticipation of the lifting of the sanctions.”
The move came a week after the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), came into force.
Based on the nuclear deal, reached in July 2015, all nuclear-related anti-Iran sanctions have been removed.