TAIPEI (Taiwan News) — Taiwan has secured about 8 million barrels of crude oil from the Red Sea in April, or roughly one-third of its monthly demand, as it moves to bypass disruptions in the Strait of Hormuz and stabilize domestic supply.

CPC President J.Z. Fang (方振仁) said Wednesday that disruptions in the Strait of Hormuz caused by the Iran war have prompted the company to explore contingency measures, per CNA. He said CPC is also diversifying supply by seeking crude from West Africa and assessing imports from Southeast Asia, Australia, and the US to reduce reliance on any single region.

Fang said CPC is not currently importing via the Strait of Hormuz and is instead coordinating alternative delivery methods with Middle Eastern suppliers. He said talks with Saudi Arabia and the UAE involve using pipelines and alternative ports, including routing Saudi crude to Red Sea terminals and UAE oil to Oman to avoid high-risk waterways.

Fang added that CPC has one fully loaded tanker carrying about 2 million barrels of crude in the Persian Gulf. He said it is temporarily unable to depart due to regional tensions, but could significantly support domestic supply if it sets sail within two weeks.

He said four tankers carrying a combined 8 million barrels of crude are expected to depart from the Red Sea in April. Fang said CPC has prepared for multiple scenarios and will continue to strengthen its dispatch capabilities and procurement flexibility to cope with global market uncertainty.