Oil refiner CPC Corp, Taiwan (CPC, 台灣中油) announced that it would today cut gasoline prices by NT$0.4 and diesel prices by NT$0.5 per liter to reflect the continued decline in international crude oil prices last week.
The second straight week of price cuts reflected the still-weak market sentiment, which is due to a supply glut after Libya resumed its crude oil exports and because the US might ease sanctions on Iranian oil exports, CPC said in a statement.
The average cost of its crude oil fell to US$71.1 per barrel last week from NT$74.31 a week earlier, the refiner said.
After taking into account the New Taiwan dollar’s depreciation of NT$0.13 against the US dollar during the week, CPC said it decided to cut wholesale prices for its fuels by 3.13 percent.
Formosa Petrochemical Corp (台塑石化) said it would match CPC’s price cuts, effective today, citing reports that Russia and other oil producers might increase their oil output and the US might release its strategic petroleum reserves, which have added to the already weak market sentiment.
In related news, CPC said that on Friday last week it signed a memorandum of understanding with Vietnam’s Sovico Holdings Co, regarding cooperation in oil exploration, oil product sales and related investments.
Sovico Holdings is a multi-sector holding company with a diversified portfolio, ranging from banking and finance to real estate, aviation, hospitality and industry.
The company has many large subsidiaries, including budget airline Vietjet Air, CPC said.
Manufacturers are on a mission to produce desperately needed medical ventilators for the COVID-19 pandemic, even if it means converting assembly lines now making auto parts. Along with a shortage of masks and gloves, the spread of COVID-19 to almost every corner of the globe has highlighted a great need for specialized machines that help keep severely afflicted patients alive. “As the global pandemic evolves, there is unprecedented demand for medical equipment, including ventilators,” GE Healthcare chief executive officer Kieran Murphy said. The group has hired more workers and is making ventilators around the clock. Swedish group Getinge AB is also ramping up output
Facing the rapidly evolving global COVID-19 pandemic, Citibank Taiwan Ltd (台灣花旗) has proactively taken precautionary measures. “The health and safety of our colleagues and their families, as well as our clients and the communities we serve, are of the utmost importance. We continue to take proactive measures to preserve their well-being while we maintain our ability to serve our clients,” Citibank Taiwan chairman Paulus Mok (莫兆鴻) said in a statement yesterday. “We have local and regional contingency plans in place, and we have well-established business continuity plans for the firm. We are monitoring the situation closely, adjusting our operations accordingly,
UPGRADE AND TRANSFORM: Although the cross-strait trade deal might remain, the Ministry of Economic Affairs said businesses should prepare for any disruptions Taiwan might face a decline in foreign trade with China if the cross-strait Economic Cooperation Framework Agreement (ECFA) ends this year, Minister of Economic Affairs Shen Jong-chin (沈榮津) said yesterday. The agreement, which was signed and put into effect in 2010 to reduce trade barriers across the Taiwan Strait, is expected to end this year, despite not having an exact termination date. “We have not received notification [from China] that it wishes to terminate ECFA,” Shen told reporters prior to attending a meeting at the Legislative Yuan. “Even if we are notified, the agreement would only cease after six months.” While acknowledging the
GoShare, an electric scooter sharing service provider with Gogoro Inc (睿能創意), plans to expand to Tainan next quarter in a strategic alliance with Aeon Motor Co (宏佳騰). The company currently offers its services in Taipei and Taoyuan. “Tainan is very popular among tourists. The city receives an average of 22.94 million tourists every year,” GoShare head Henry Chiang (姜家煒) told a news conference yesterday in Taipei, citing Tourism Bureau statistics. “Besides, the city has a long history of riding scooters,” he said. Each household owns an average of 2.5 scooters, he added. “Expanding presence” is one of four strategies GoShare is adopting for this