International Petroleum Investment Co (IPIC) signed an initial accord to buy a stake in a NT$370 billion (US$11.6 billion) petrochemical project led by Chinese Petroleum Corp (CPC, 中油), said Kuo Chin-tsai (郭進財), chairman of the Taiwanese refiner.
International Petroleum Investment and Chinese Petroleum have signed a letter of intent for the Abu Dhabi, United Arab Emirates-based company to buy the stake in the project in western Taiwan, Kuo told reporters during a national energy conference in Taipei yesterday.
The venture will replace a facility in Kaohsiung, in southern Taiwan, that Chinese Petroleum pledged to shut by 2015 amid complaints about pollution. The new plant will use more efficient technology and help the company compete with other refiners. An agreement with IPIC would form part of Chinese Petroleum's efforts to ensure crude oil supply for project.
"Through cooperation with IPIC, we hope to secure a source of raw materials," Kuo said. A Chinese-language newspaper reported earlier that IPIC may take a 20 percent stake in the project in western Taiwan, which will include a 300,000 barrels-a-day crude oil refinery.
Chinese Petroleum on Feb. 4 signed an agreement with five local partners for the project in Yunlin on Taiwan's west coast, which will include an oil refinery, a plant that turns naphtha, an oil product, into ethylene and dozens of units that produce other chemicals for plastics and textiles, the vice president Roy Chiu (
Several other Arab companies are also interested in the project, Kuo said, without naming the potential investors.
BYPASSING CHINA TARIFFS: In the first five months of this year, Foxconn sent US$4.4bn of iPhones to the US from India, compared with US$3.7bn in the whole of last year Nearly all the iPhones exported by Foxconn Technology Group (富士康科技集團) from India went to the US between March and last month, customs data showed, far above last year’s average of 50 percent and a clear sign of Apple Inc’s efforts to bypass high US tariffs imposed on China. The numbers, being reported by Reuters for the first time, show that Apple has realigned its India exports to almost exclusively serve the US market, when previously the devices were more widely distributed to nations including the Netherlands and the Czech Republic. During March to last month, Foxconn, known as Hon Hai Precision Industry
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and the University of Tokyo (UTokyo) yesterday announced the launch of the TSMC-UTokyo Lab to promote advanced semiconductor research, education and talent development. The lab is TSMC’s first laboratory collaboration with a university outside Taiwan, the company said in a statement. The lab would leverage “the extensive knowledge, experience, and creativity” of both institutions, the company said. It is located in the Asano Section of UTokyo’s Hongo, Tokyo, campus and would be managed by UTokyo faculty, guided by directors from UTokyo and TSMC, the company said. TSMC began working with UTokyo in 2019, resulting in 21 research projects,
Taiwan’s property market is entering a freeze, with mortgage activity across the nation’s six largest cities plummeting in the first quarter, H&B Realty Co (住商不動產) said yesterday, citing mounting pressure on housing demand amid tighter lending rules and regulatory curbs. Mortgage applications in Taipei, New Taipei City, Taoyuan, Taichung, Tainan and Kaohsiung totaled 28,078 from January to March, a sharp 36.3 percent decline from 44,082 in the same period last year, the nation’s largest real-estate brokerage by franchise said, citing data from the Joint Credit Information Center (JCIC, 聯徵中心). “The simultaneous decline across all six cities reflects just how drastically the market
Ashton Hall’s morning routine involves dunking his head in iced Saratoga Spring Water. For the company that sells the bottled water — Hall’s brand of choice for drinking, brushing his teeth and submerging himself — that is fantastic news. “We’re so thankful to this incredible fitness influencer called Ashton Hall,” Saratoga owner Primo Brands Corp’s CEO Robbert Rietbroek said on an earnings call after Hall’s morning routine video went viral. “He really helped put our brand on the map.” Primo Brands, which was not affiliated with Hall when he made his video, is among the increasing number of companies benefiting from influencer
RSS