Sat, Jun 15, 2019 - Page 12 News List

Losses from tanker attack estimated at NT$8m: CPC

By Natasha Li  /  Staff reporter

Losses from an oil tanker that was attacked in the Gulf of Oman were estimated at NT$8 million (US$253,727) in an insurance claim by CPC Corp, Taiwan (台灣中油), the state-run oil refiner said yesterday.

“We have full insurance, including war risks,” CPC vice president Chui Chia-shou (邱家守) told a news conference in Taipei, adding that the cargo cost about US$34 million.

CPC said the purchase was made from Abu Dhabi National Oil Co.

“We will probably only have a small deductible,” Chui said.

CPC has gasoline reserves for up to 75 days, Chui said.

“The company has 75,000 tonnes of naphtha on hand, which would only provide about two days of gasoline,” he said.

If necessary, CPC would cut 200,000 kiloliters of gasoline per month from exports to meet domestic demand, Chui said.

The company is to import 200,000 kiloliters of petrochemicals this month and next month, and expects to import 300,000 kiloliters in August, he said.

The company has 450,000 kiloliters of raw petrochemical materials in reserve, which can last up to 45 days, he said.

While oil prices rose 4.5 percent on Thursday following attacks on oil tankers in the Gulf of Oman, they closed up 2 percent, Chui said, adding that domestic oil prices would not be affected.

CPC said that a purchase of liquefied natural gas it made from Qatargas Liquefied Gas Co has not been affected, with the ship carrying it passing through the Strait of Hormuz to load in Qatar.

The company said that it would increase purchases of crude oil from other regions to reduce risk.

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