Taiwan's refineries plan to increase crude imports from Iran in the wake of the removal of anti-Tehran sanctions, a report said.
According to Reuters, Taiwan's Refiners CPC Corp. and Formosa Petrochemical will expand crude imports from Iran. "We will purchase two million barrels of crude oil from Iran at the end of March or early April," CPC 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 nuclear deal between Iran and the P5+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.