[Finance] CPC: Hormuz Strait Situation to be Observed, Oil and Gas Supply Remains Stable with Flexible Scheduling

Regarding external concerns about oil and gas supply and scheduling following the easing of the Middle East conflict, CPC Corporation, Taiwan announced in a press release today (17th) that current oil supply remains stable. The company will continue to monitor changes in the international situation and flexibly adjust procurement strategies. Regarding oil products, CPC stated that it has inquired with shipping companies and suppliers currently docked in the bay. All parties have responded that due to the unclear situation, they are still observing. At present, national oil inventory remains at a high level, ensuring no supply shortage. CPC also pointed out that if the Strait of Hormuz is confirmed to reopen, it plans to arrange for vessels to load at domestic ports between July and August to secure more diverse crude oil sources, including asphalt base crude and high-sulfur crude oil. This will also facilitate the production of by-products such as asphalt and sulfur to meet domestic demand. In terms of natural gas, CPC estimates that if the US and Iran successfully sign a peace agreement on June 19th, leading to the gradual resumption of vessel passage through the Strait of Hormuz, Qatari liquefied natural gas (LNG) shipments are expected to arrive in Taiwan sequentially starting from early September. At that time, cargo and shipping schedules will be adjusted based on supply and demand. CPC emphasized that it will continue to closely monitor the developments in the Middle East and promptly adjust oil and gas procurement and supply strategies in response to international market changes to ensure stable domestic energy supply. (Editor: Hsu Chia-yuan)