A tanker seen at a refinery in Mailiao Harbor, Yunlin County, belonging to Formosa Petrochemical Corp (台塑石化) was delivering crude oil bought from Russia, the company said on Thursday.
As Western nations have stepped up sanctions on Russia over its invasion of Ukraine, local environmental groups have been calling for Formosa Petrochemical, one of the nation’s major oil refiners, to boycott Russian oil to avoid providing Moscow with any economic assistance.
In a post on social media on Wednesday, Air Clean Taiwan, an environmental protection organization, said the tanker NS Point transported up to 40,000 tonnes of oil that Formosa Petrochemical bought from Russia and had arrived in Mailiao harbor that night.
Photo: Chang Hui-wen, Taipei Times
The group called on the company not to unload the oil purchase.
Formosa Petrochemical spokesperson Lin Keh-yen (林克彥) on Thursday said that the tanker was transporting oil it bought from Russia, and that the company had to proceed with the purchase or risk breaching the contract it signed with a Singaporean company.
As the transaction was conducted under a commercial contract with the Singaporean company, unilaterally breaching the contract would result in heavy losses for Formosa Petrochemical, Lin said.
Given that Taiwan has not banned imports of Russian oil, the Singaporean company would be entitled to sue for compensation for its losses had the purchase been canceled for any reason other than force majeure — unforeseeable extraordinary events — he said.
Lin did not comment on the amount of oil on board the tanker, which departed on Thursday night after the shipment was unloaded.
Lin’s remarks are at odds with a statement by Formosa Petrochemical chairman Chen Bao-lang (陳寶郎), who in February said that the company had never imported crude oil from Russia.
Air Clean Taiwan and other groups urged people to wear yellow and blue outfits, the colors of the Ukrainian flag, and join a protest outside the company’s Mailiao refinery yesterday morning.
HORMUZ ISSUE: The US president said he expected crude prices to drop at the end of the war, which he called a ‘minor excursion’ that could continue ‘for a little while’ The United Arab Emirates (UAE) and Kuwait started reducing oil production, as the near-closure of the crucial Strait of Hormuz ripples through energy markets and affects global supply. Abu Dhabi National Oil Co (ADNOC) is “managing offshore production levels to address storage requirements,” the company said in a statement, without giving details. Kuwait Petroleum Corp said it was lowering production at its oil fields and refineries after “Iranian threats against safe passage of ships through the Strait of Hormuz.” The war in the Middle East has all but closed Hormuz, the narrow waterway linking the Persian Gulf to the open seas,
Apple Inc increased iPhone production in India by about 53 percent last year and now makes a quarter of its marquee devices there, reflecting the US company’s efforts to avoid tariffs on China. The company assembled about 55 million iPhones in India last year, up from 36 million a year earlier, people familiar with the matter said, asking not to be named because the numbers aren’t public. Apple makes about 220 million to 230 million iPhones a year globally, with India’s share of the total increasing rapidly. Apple has accelerated its expansion in the world’s most populous country in recent years, bolstered
HEADWINDS: The company said it expects its computer business, as well as consumer electronics and communications segments to see revenue declines due to seasonality Pegatron Corp (和碩) yesterday said it aims to grow its artificial intelligence (AI) server revenue more than 10-fold this year from last year, driven by orders from neocloud solutions clients and large cloud service providers. The electronics manufacturing service provider said AI server revenue growth would be driven primarily by the Nvidia Corp GB300 server platform. Server shipments are expected to increase each quarter this year, with the second half likely to outperform the first half, it said. The AI server market is expected to broaden this year as more inference applications emerge, which would drive demand for system-on-chip, application-specific integrated circuits
PROJECTION: TSMC said it expects strong growth this year, with revenue in US dollars projected to grow by about 30 percent, outperforming the industry Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported consolidated sales last month reached NT$317.66 billion (US$9.98 billion), the highest ever for the month of February, driven by robust demand for chips built using the company’s advanced 3-nanometer (3nm) process. Last month’s figure was up 22.2 percent from a year earlier, but fell 20.8 percent from January, the world’s largest contract chipmaker said in a statement. For the first two months of the year, TSMC posted cumulative sales of NT$718.91 billion, up 29.9 percent from a year earlier. Analysts attributed the growth to sustained global demand for artificial intelligence (AI) products