Taiwan FM, King, unveils oil reserve facility project in Eswatini

Taipei, April 24 (CNA) Taiwan's Foreign Minister Lin Chia-lung (林佳龍) and the king of the African kingdom of Eswatini on Wednesday jointly presided over an unveiling ceremony for an oil reserve facility project Taiwan will build to enhance the energy resilience of its ally.

Lin and King Mswati III attended the ceremony for the Strategic Oil Reserve Facility project as part of the top diplomat's ongoing visit to Eswatini, mainly for the King's 57th birthday as a special envoy for President Lai Ching-te (賴清德), the Ministry of Foreign Affairs (MOFA) said in a Thursday press release.

Before joining the ceremony, the foreign minister also presented a letter from President Lai and cows as gifts while meeting the king and Queen Mother Ntombi Tfwala earlier Wednesday, MOFA added.

According to a separate post by Taiwan's embassy in Eswatini, the oil reserve facility project is expected to be completed in three years and will ensure a 60-day fuel reserve for the African kingdom.

"Once operational, it will help shield the nation from global oil price fluctuations and significantly strengthen its energy security," the embassy said in a Facebook post.

The Overseas Investment & Development Corp (OIDC, 海外投資開發股份有限公司), a Taiwanese company focused on government aid projects overseas, and the Eswatini government signed a signed a memorandum of understanding in Sept. 2023 to build the facility.

An Eswatini government Website says the nation currently imports all of its oil from South Africa, leaving it susceptible to volatile international crude oil prices.

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