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Bureau of Energy, Ministry of Economic Affairs, R.O.C.

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Domestic petroleum reserves are sufficient- there are no concerns regarding energy supply
Date: 2020-05-18
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In response to the US-Iran conflict and the situations in the Middle East, President Tsai Ing-wen convened a national security meeting of senior officials on January 9th. In the meeting, Minister of Economic Affairs Shen Jong-chin indicated that both prices and imports of the oil and gas remained stable, and the domestic petroleum reserves were sufficient. There were no concerns regarding energy supply.

"Unless tensions escalate in the Middle East, exports of oil and gas to Taiwan will remain as usual. The oil price has now stabilized after a period of violent fluctuations. Furthermore, the percentage of oil imported from the Middle East by CPC, which was 70% in 2015, decreased to around 50% in 2019. LNG imported from the Middle East also dropped to less than 30%. These were evidences of the government's successful diversification of energy sources," stated Ministry of Economic Affairs (MOEA).

MOEA emphasized that the national oil reserves could provide energy for 128 days, including 44 days of government reserves and 84 days of private reserves. Moreover, the government would ensure that domestic oil prices remained stable and the economy unaffected.

Spokesperson for Bureau of Energy, Ministry of Economic Affairs: Deputy Director General, Chun-Li Lee
Phone number: 02-2775-7700, 0936-250-838
Email: chunlee@moea.gov.tw

Business Contact: Director, Hsiu-Fen Tsai
Phone number: 02-2775-7730, 0905-506-258
Email: hftsai@moea.gov.tw

Media Contact: Section Chief, Yu-Hsuah Hsia
Phone number: 02-2775-7705, 0910-668-295
Email: yhhsia@moea.gov.tw
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