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
HEAVY TOLL: The closure of the plants, which produced 56 percent of Feng Tay’s shoes last year, followed similar shutdowns in India, its second-biggest production base Feng Tay Enterprises Co Ltd (豐泰), a supplier for Nike Inc, on Saturday temporarily shut down four factories in Vietnam, its biggest manufacturing base, for about a week amid COVID-19 lockdowns, it said yesterday. Feng Tay is the latest in a slew of local manufacturers with operations in Vietnam that have suspended operations as the country grapples with its worst outbreak of COVID-19. Pou Chen Corp (寶成工業), the world’s largest manufacturer of branded athletic and casual footwear, last week said that it had suspended operations at its plant in Ho Chi Minh City, as virus restrictions shuttered factories in the business hub
Taiwan should protect its vaccine supply chain and invest in vaccine development after seeing how the COVID-19 pandemic has inflicted tremendous social and economic losses worldwide, Sanofi Pasteur Hong Kong & Taiwan general manager Philip Ho said in an interview this week. “When you look at the trillions of dollars that countries have lost, parents who are forced to stay at home with their children and various restrictions imposed following a nationwide lockdown, we really see what we are losing compared with what we can benefit from vaccination,” Ho said. While the government has been trying to secure vaccines since the middle
The next target for China’s cybersecurity crackdown is to be the pools of data collected by the latest generation of vehicles. This approach risks Beijing shooting itself in the foot, and jeopardizing its ambitious plans to lead the global race for electric and autonomous vehicles. China wants to have control over the information vehicles have about their drivers, the roads they traverse, and the faces and voices they pass, according to a draft law on data-security management for the automotive industry issued in May. It seeks to ensure manufacturers across the auto supply chain keep data in the country and pass
Yang Ming Marine Transport Corp (陽明海運) is to use NT$16 billion (US$570.4 million) of its NT$29 billion in newly raised capital to lower its debt-to-asset ratio to less than 60 percent, it said yesterday. The container shipping company’s assets and liabilities were NT$208.85 billion and NT$146.4 billion respectively as of the end of March, indicating a debt-to-asset ratio of 70 percent, company data showed. Its major rivals had lower debt ratios. As of March 31, Evergreen Marine Corp (長榮海運) reported a debt-to-asset ratio of 61.6 percent, while Wan Hai Lines Ltd (萬海航運) had an even lower ratio of 57.4 percent. After repaying debts,