Taiwan hopes for Iran oil sanction waiver

Trump Administration has not yet named eight exceptions to its Iran sanctions

U.S. President Trump announced sanctions against Iran on Twitter.

U.S. President Trump announced sanctions against Iran on Twitter.

TAIPEI (Taiwan News) - Taiwan was waiting to see whether it was one of the ‘eight jurisdictions’ expected to receive waivers to continue buy oil from Iran despite sanctions from the United States.

President Donald Trump is scheduled to reimpose measures against Iran’s energy, shipping, shipbuilding and financial sectors on November 5, but eight countries were expected to be left out, reports said Saturday.

No names had been mentioned, but Japan, South Korea, India and maybe China were expected to be included.

Taiwan’s state oil company, CPC Corporation, Taiwan, said it had not received any information about the island country’s fate, but a waiver would be positive, especially since it would help with the diversification of oil sources. Taiwan needs to import virtually all of its gas and oil from overseas.

Following United Nations sanctions against Iran in 2010, Taiwan’s Ministry of Economic Affairs set up a system to help guarantee payments for Taiwanese companies exporting to the Middle Eastern country. If the Trump Administration did not give Taiwan a waiver, that system would be threatened, the Central News Agency reported.

Last year, Taiwan imported 4 million barrels of oil from Iran, or 2.86 percent of its total imports, which would drop by half during the current year, according to CPC. Iranian oil was of a quality which necessitated added refining before it could be used, CNA reported.