FEBRUARYASIA BUSINESS OUTLOOK9Travel agencies were instructed by Taiwan's Tourism Administration on February 7 to cease planning any new group tours to China, as Beijing has changed the flight path over the strategically important Taiwan Strait and has not yet permitted Chinese tourists to visit the island.Following the pandemic, China has mainly restored its citizens' travel permits to a number of well-liked tourist spots, such as Japan; however, because of continuous tensions between Beijing and Taipei, Taiwan has not yet been added to this list. China asserts its territorial claims over democratically-governed Taiwan in spite of the Taipei government's adamant opposition.Taiwan had planned to resume group tours for Taiwanese to China from Mar 1 after they were suspended during the COVID-19 pandemic, and the tourism authority said those already organised from that date to May 31 could go ahead.But "considering the change in the situation", including China not allowing Chinese to visit Taiwan and China's altering of a flight route through the Taiwan Strait last week, Taiwanese travel agencies cannot arrange any more tours, the Tourism Administration said in a statement.China's Taiwan Affairs Office did not immediately respond to a request for comment. Taiwan's government expressed anger after China "unilaterally" changed the flight path close to the strait's median line, saying it appeared to be a deliberate attempt to change the status quo for possible military means. The Government of India has disclosed plans to lease out space in underground rock caverns that were originally meant for the storage of hydrocarbons as part of the nation's strategic petroleum reserve. This decision was taken following a shift in strategy in response to recent changes in the global oil markets and the need to maximise the effectiveness of the existing infrastructure in order to guarantee energy security.According to the announcement, which PTI reported, a request for an expression of interest to lease the storage facilities would be made soon. Originally built by India Strategic Petroleum Reserve these underground storage facilities are strategically positioned in three southern Indian cities: Visakhapatnam, Mangalore, and Padur in Karnataka. Their primary purpose is to store 5.33 million tonnes of oil for contingencies such as war or disruptions in the supply chain.The move to lease out these caverns underscores India's adaptability to changing market dynamics and its efforts to bolster energy security. With the deferral of plans to fill the caverns with crude oil, as outlined in the Union Budget 2023-24, the government aims to leverage these assets to meet evolving energy needs and promote commercial utilization.Presently, the National Oil Company (Adnoc) from Abu Dhabi has already secured leasing rights for half of the storage capacity at Padur and 1.5 million tonnes at Mangalore. However, significant storage space remains available, including 0.75 million tonnes at Mangalore and the vacant portion in Visakhapatnam, which will be made available for leasing, as confirmed by LR Jain, CEO and Managing Director of Indian Strategic Petroleum Reserves (ISPRL). TAIWAN ADMINISTRATION HALTS TOURISM TO CHINAINDIAN GOVERNMENT TO LEASE ITS NATURAL CAVE SYSTEMS FOR OIL STORAGENEWSROOM
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