Due to lack of a payment mechanism, Taiwanese firm Formosa Petrochemical will not be buying Iranian oil despite a U.S. waiver to do so, and will replace part of its Iranian oil intake with crude from Iraq, company spokesman KY Lin told Reuters on Thursday. Taiwan was one of eight Iranian oil buyers that received U.S. waivers to continue importing reduced volumes of oil from Iran at least until early May 2019. However, the lack of mechanism to pay for Iranian oil is a challenge to Formosa Petrochemical, which has turned to Iraq to replace part of the barrels it would have otherwise purchased from Iran. “There is no payment mechanism, so we will suspend Iranian oil loadings for the time being,” Formosa’s Lin told Reuters. “So the Iraqi contract is to replace some of the Iranian volume,” the spokesman said, adding that the company had signed a term […]