Tuesday, February 17, 2009
Taipei: CPC Corp., Taiwan's state oil and gas firm, wants to cancel six cargoes of liquefied natural gas, or LNG, from Indonesia's Bontang gas field in East Kalimantan Province this year, as demand from Taiwanese industries dries up on the back of the global recession and falling exports.
Taiwan buys 1.5 million tons of LNG from Indonesia each year under contracts that commenced in 1990 and that will expire this year.
The LNG is used by Taiwanese industrial enterprises and power plants, with generators accounting for 80 percent of total gas consumption in Taiwan. [17/02/09]