Taiwan says it has assurances over LNG supplies from ‘major’ country

TAIPEI: Taiwan has received supply assurances from the energy minister of a “major” liquefied natural gas-producing country, the island’s economy minister said on Saturday, speaking about the Iran war’s impact on Middle East energy imports.

Taiwan, a major semiconductor producer, had relied on Qatar for around a third of its LNG before the conflict, and has said it has secured alternate supplies for the months ahead from countries including Australia and the United States.

Speaking to reporters in Taipei, Economy Minister Kung Ming-hsin said that because Taiwan has good relationships with its crude oil and natural gas suppliers, neither adjusting shipment origins nor purchasing additional spot cargoes would be a problem.

Three tankers cross Hormuz near Oman

Kung said that about two weeks ago the energy minister of a certain “major energy-producing country” proactively contacted him.

The person “explained to us that they would fully support our natural gas needs. If we have any demand, we can let them know,” he added.

“Another country even said that some countries have released strategic petroleum reserves, and they could also help coordinate matters if Taiwan needs assistance,” Kung said.

“This shows that Taiwan has in fact earned considerable goodwill internationally through the long-term trust it has built over the years,” he said.

He declined to name the countries involved.

Angela Lin, spokesperson for state-owned refiner CPC, said at the same news conference that crude oil inventories were being maintained at pre-conflict levels and overall petrochemical feedstock supplies have remained stable.

Crude oil and LNG supply are at risk of the worst-possible scenario

CPC Chairman Fang Jeng-zen said that to reduce dependence on the Middle East, a new contract with the U.S. will see 1.2 million metric tons of LNG supplied annually, with even more to come in the future, including eventually from Alaska.

However, Taiwan is not considering importing crude or LNG from Russia, he added.