Taiwan taking monthly energy, food inventories in case of China conflict
October 5, 2022, 9:53 am

Taiwan taking monthly energy, food inventories in case of China conflict

Taiwan was returned to Nationalist Chinese control in 1945 following Japan’s defeat in World War II. However, in 1949 Chinese communist armies defeated Nationalist forces on the mainland and established the People’s Republic of China there. The Nationalist government and armies fled to Taiwan, again resulting in the separation of Taiwan from China - Text. Britannica - Photo. Pixabay

A government official in Taiwan said on Wednesday (October 5), the East Asian country is taking a monthly inventory of vital supplies such as food and energy in the face of conflict with China.

Following a visit by US House Speaker Nancy Pelosi to Taipei in August, China, which claims democratically-ruled Taiwan as its territory, began war games near the island, firing missiles and stepping up a blockade.

Taiwan Deputy Economy Minister Chen Chern-chyi told reporters that it is already codified in law to maintain energy stockpiles, which state-run Taipower and state-owned refiner CPC Corp do.

Chen said: "With respect to a possible military conflict, we do have preparations for food and for energy and critical supplies including manufacturing supplies. We have a system, we do inventory every month."

"We want to ensure we have a certain period of stockpiles in Taiwan, including food, including critical supplies, minerals, chemicals and energy of course."

Chinese and Taiwanese national flags are displayed alongside military airplanes in this illustration taken on April 9, 2021. (File photo: Reuters)

Taiwan's power mix is made up of liquefied natural gas (LNG), coal, nuclear and renewables, the latter of which the government is trying to scale up.

Chen added: "We remain very comfortable with respect to these possible energy security issues.”

Resource-poor Taiwan aims to generate more electricity from LNG in the shift away from both coal-powered and nuclear plants, and is building a massive new LNG terminal off its northwestern coast.

Taiwan launches first English TV channel as China pressure grows

Speaking separately at parliament where she was taking lawmaker questions, Economy Minister Wang Mei-hua said meetings have been taking place to discuss increasing LNG storage capacity.

Wang said: "Certainly when it comes to LNG storage, we have previously already had cross-department discussions on this.”

She added, those talks also involved whether to use Taiwan-flagged tankers to import LNG.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.