The United Arab Emirates (UAE) has agreed to a joint venture with fuel-hungry Taiwan that will help protect the nation's oil supplies as rival China seeks new sources for its own energy needs, reports said yesterday.
The UAE's International Petroleum Investment Co (IPIC) will invest around NT$74 billion (US$2.36 billion) in a project led by Taiwan's state-owned oil firm Chinese Petroleum Corp (CPC, 中油), a Chinese-language newspaper said yesterday.
The deal calls for the construction of two ultra-modern petrochemical complexes, one in southern Taiwan and another in the UAE, the Taipei-based newspaper said.
The two sides have signed a memorandum of understanding and are expected to finalize a contract by the end of the year, according to reports.
The deal will help CPC reduce the cost of crude oil, as well as ensure Taiwan's supply of oil from the UAE, the company's chairman Kuo Chin-tsai (
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