logo
Taiwan's CPC denies 'specific' US shale gas acquisition talks

Taiwan's CPC denies 'specific' US shale gas acquisition talks

Reuters2 days ago
TAIPEI, July 22 (Reuters) - Taiwan's state-owned energy company CPC Corp said it is not in talks for "specific" shale gas fields in the United States, but it does not rule out any prospective partners and will make the most favourable decision based on its own evaluations.
CPC (CHIP.UL) is in early stage discussions to buy shale-gas producing assets in the United States, three sources familiar with the matter told Reuters earlier this month, in a bid to secure natural gas supplies to fuel Taiwan's economy.
In a statement late on Monday, CPC said U.S. shale gas has long been an important target area for the company because of its high quality, mature extraction technology and favourable investment environment.
"CPC will not rule out any prospective partners and will make the most favourable decision based on the evaluation results," it said.
"As for reports that CPC is in the process of discussing the acquisition of specific shale gas fields in the United States, that is not true," the company added, without elaboration.
Taiwan has pledged to increase its purchase of energy from the United States as a way of reducing its yawning trade surplus and head off tariffs.
In March, CPC signed an agreement with Alaska Gasline Development Corp to buy LNG and invest in the Alaska LNG project which will transport gas south from Alaska's remote north via pipeline, to be shipped as LNG to Taiwan, Japan and South Korea.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Chipotle tempers sales expectation as dining out slows; shares drop
Chipotle tempers sales expectation as dining out slows; shares drop

Reuters

time22 minutes ago

  • Reuters

Chipotle tempers sales expectation as dining out slows; shares drop

July 23 (Reuters) - Chipotle Mexican Grill (CMG.N), opens new tab on Wednesday lowered its annual sales growth target for a second time this year as economic uncertainty prompts cash-strapped Americans to dine out less, sending the burrito chain's shares down 9.5% after hours. The company also posted a bigger-than-expected decline in comparable sales for the second quarter. A significant rise in menu prices has pressured dining out in the United States for several quarters now, forcing consumers to prepare meals at home to stretch their budgets. Companies are also taking stock of President Donald Trump's tariff policy which could lead to higher supply chain costs. While Chipotle has focused on expanding store count with the expectation that its affordable and popular Tex-Mex cuisine can defy broader weakness in dining out, visits per location fell about 6% in the second quarter, while the wider fast casual segment remained flat, data from showed. Chipotle now expects annual comparable restaurant sales to be about flat year-over-year, compared with its prior target of growth in the low single-digit range. It reported a 4% fall in comparable sales for the quarter ended June 30, compared with analysts' estimates for a 2.86% decline, per data compiled by LSEG.

Chipotle Mexican Grill cuts annual comparable sales growth target, shares drop
Chipotle Mexican Grill cuts annual comparable sales growth target, shares drop

Reuters

time22 minutes ago

  • Reuters

Chipotle Mexican Grill cuts annual comparable sales growth target, shares drop

July 23 (Reuters) - Chipotle Mexican Grill (CMG.N), opens new tab on Wednesday lowered its annual sales growth target for a second time this year, as the burrito chain takes stock of economic uncertainty and U.S. consumers dining out less. Its shares were down 7% in extended trading. They have fallen about 13% so far this year. Dining out in the United States has been under pressure over the past several quarters due to a significant rise in menu prices, prompting consumers to prepare meals at home to stretch their budgets. President Donald Trump's tariff policy could drive prices even higher as companies face the prospect of higher supply chain costs. Chipotle now expects annual comparable restaurant sales to be about flat year-over-year, compared with its prior target of growth in the low single-digit range.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store