Taiwan would like to import crude oil from Russia to help diversify its sources of oil imports, a visiting Taiwanese official said in Moscow yesterday.
As imports account for 99.8 percent of Taiwan's crude oil consumption, securing stable oil supplies is a top concern, Wu Rong-i (
Taiwan hopes it can import crude oil from Russia so as to lower reliance on imports from the Middle East, an area rife with social instability and military disturbances, Wu said.
Importing crude oil from Russia, however, is not an easy task, Wu said, adding that in the past, importers had to contend with quality and supply stability concerns in light of difficulties such as transporting crude oil from the Ural Mountains area and the Russian far east.
Wu urged the Russian government to seriously consider cooperating with Taiwan over these issues to benefit both sides.
State-run CPC Corp, Taiwan (CPC,
"But the problem with importing oil from Russia is the higher transportation cost," CPC vice president Tsao Mihn (
Transporting oil from the Middle East to Taiwan takes about 17 days, while that from Russia takes about 30 days, making imports from Russia less competitive in terms of time and shipping cost, Tsao said.
If the Russian authorities can construct an oil pipeline to Vladivostok, Russia's largest port on the Pacific coast which is closer to Taiwan, the company may consider purchasing oil from Russia, Tsao said.
Meanwhile, Wu, a former vice premier, said that Taiwan sits in a strategically important location in terms of regional security and crude oil imports, adding that all oil tankers transporting imported crude oil for Japan and South Korea pass through the Taiwan Strait.
Against this backdrop, Beijing's constant threat to use force against Taiwan to solve cross-strait differences could also be viewed as threats to the security and stability of other countries in East Asia and the Asia-Pacific area, he said.
Wu said that since Russia maintains close ties to China, Moscow could play an important role in influencing the development of cross-strait relations.
Wu and a Taiwanese delegation arrived in Moscow last week on a business trip. Over the past several days, they have participated in a Taiwan-Russia cooperation forum and have signed a memorandum of understanding and an agreement with public and private Russian organizations to bolster bilateral exchanges between the two countries.
Additional reporting by Jessie Ho
‘ACCORDING TO PLAN’: A company official said that it has set up production sites worldwide to provide services and that its Wisconsin project was going smoothly Hon Hai Precision Industry Co’s (鴻海精密) smart manufacturing center in Wisconsin would begin trial manufacturing in the middle of this year, the company said yesterday, adding that it plans to build a research institute to develop key technologies to support growth over the next five years. Hon Hai, known internationally as Foxconn Technology Group (富士康科技集團), said in an annual report submitted to the Taiwan Stock Exchange that its planned Foxconn Institute for Research in Science and Technology would conduct research into artificial intelligence, next-generation communications, quantum computing, cybersecurity and nano semiconductors in Taiwan. Hon Hai is to make products at the center
TV and online retailer Momo.com Inc (富邦媒體) yesterday said it has set up a new logistics subsidiary, Fu Sheng Logistics Co (富昇物流), to oversee the company’s extensive shipping operations. Leveraging Momo’s 23 satellite warehouses and distribution centers nationwide, Fu Sheng will be in charge of executing the retailer’s same-day shipment plan for deliveries in Taipei, New Taipei City, Taoyuan, Taichung, Tainan and Kaohsiung, Momo said in a press release. Seeking to further shorten its supply chain, the company is to set up another seven satellite warehouses and distribution centers by the end of the year. “Fu Sheng has a fleet of 200 couriers
E Ink Holdings Inc (元太科技), the world’s sole supplier of e-paper displays for e-readers and shelf labels, posted its best quarterly net profit for the first quarter in nine years amid increased demand during a traditionally slow season. Net profit soared 80 percent to NT$787 million (US$26.23 million) in the quarter ended March 31, compared with NT$438 million a year earlier. That translated into earnings per share of NT$0.69, up from NT$0.39. E Ink posted lower royalty income of NT$371.23 million last quarter from NT$448.74 million a year earlier, a company financial statement showed. E Ink said that it expects royalty income to
The latest US government action against Huawei Technologies Co (華為) takes direct aim the company’s HiSilicon (海思) chip division — a business that in over the past few years has become central to China’s ambitions in semiconductor technology, but is now to lose access to tools that are central to its success. That could make it the most damaging measure by the US yet against a Chinese company. On Wednesday, US officials told reporters that the Huawei’s chip division functioned as a “tool of strategic influence” for the Chinese Communist Party. Huawei, for its part, denounced the US allegations and called the