State-owned fuel supplier CPC Corp, Taiwan (CPC, 台灣中油) has racked up significant losses since late last year, while stuck between high natural gas costs and a government-imposed freeze on raising end-user prices to stem inflationary pressures.
The mounting losses, which appear to be unsustainable, have cast doubt on CPC’s ability to make the investment called for in the initial phase of the government’s pledge to reach net-zero carbon emissions by 2050, and its new chairman said raising prices might be the only solution.
Speaking on Tuesday, shortly after taking over as CPC chairman, Lee Shun-chin (李順欽) said the company’s losses totaled NT$30.5
Taipei, April 13 (CNA) State-owned fuel supplier CPC Corp. Taiwan has racked up major losses since late 2021, stuck between high worldwide natural gas costs and a government-imposed freeze on end-user natural gas prices to stem inflationary pressures.