Taiwan to cut ME oil
Posted: 13 February 2006
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Taiwan aims to slash reliance on oil imports to under 31 per cent of total energy needs by 2025. Chen Pao-lang, president of the Chinese Petroleum Corporation, says 65 per cent of the 2.3 billion barrels of oil imported between January-November last year came from the Middle East .
Chen said CPC will try to diversify its oil supply by stepping up cooperation with oil exploration companies in areas other than the Middle East, such as the US, Ecuador, Indonesia, Australia, Venezuela and Chad.
The island currently relies on imports to meet 98 per cent of daily energy needs of which 51 per cent comprises imported oil.
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