Taiwan's Formosa Petchem to buy Basra crude oil in new Iraq deal

SINGAPORE (Reuters) - Taiwanese refiner Formosa Petrochemical has secured a new term contract with Iraq to buy Basra Light crude oil in 2019, company spokesman KY Lin said on Thursday.

The Iraqi term supply will replace part of Formosa's spot crude purchase as well as term supplies from Iran, Lin told Reuters.

Formosa is unlikely to resume Iranian oil liftings soon as there is no mechanism to pay Iran for the oil, he added.

(Reporting by Florence Tan; Editing by Manolo Serapio Jr.)