State-run CPC Corp, Taiwan (CPC, 台灣中油) said it is seeking increased compensation from the Venezuelan government for oil assets seized in 2007.
A payment of US$125 million that Venezuela put forward is too low, John Hsu (徐永耀), chief executive of the refiner’s exploration and production division, said in Taipei yesterday.
The company owns 6.5 percent in the Corocoro oilfield, which produces about 20,000 barrels of oil a day, he said.
“We aren’t satisfied with the offer,” Hsu said.
The Venezuelan government suspended CPC’s rights in the field in February 2007 under a takeover order issued by President Hugo Chavez, he said.
The refiner, which has investments in Africa, Southeast Asia, the US, Australia and Latin America, wants to cut crude import costs by acquiring overseas oil assets, the company said in January.
It is also drilling wells on Taiwan and off its coast.
CPC has invested US$78.7 million in the Corocoro field in the Gulf of Paria West and US$7 million for 7.5 percent in Paria East, which had not started production, he said.
The Taipei-based company will seek international arbitration if talks with the Venezuelan government fail, he said.
CPC operates 42 oil and gas wells in Taiwan and plans to drill three this year, it said in a report to lawmakers on March 16.
The company is also jointly searching for oil and gas in the Taiwan Strait with Beijing-based China National Offshore Oil Corp (中海油).
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new
RSS