Taiwan's Formosa Petrochemical Becomes Top Buyer of Russian Naphtha Amid Controversy

Taiwans Formosa Petrochemical has emerged as the leading buyer of Russian naphtha, raising eyebrows due to Taiwans official stance on Ukraine amidst global petroleum market shifts.

• Formosa Petrochemical Corp. has become the largest buyer of naphtha from Russia, capitalizing on lower prices amid a global energy crisis.
• This procurement is controversial as it contradicts Taiwans diplomatic position supporting Ukraine, creating tension in international relations.
• The shift in Formosas purchasing strategy highlights the growing influence of Venezuela and Russia in the global petroleum supply chain, as traditional buyers shift away.