CPC Taiwan is carrying TWD 850 billion in interest-bearing debt, and board director Wei Hui-shan said the state-owned oil company could face a point where assets no longer cover liabilities in 2027 if losses continue this year and global energy prices stay elevated. Under Taiwan’s Company Act, that would leave the board with a duty to petition a court for restructuring. Wei said annual interest costs alone are running into the tens of billions of Taiwan dollars, while the company’s debt ratio, which was a little above 60% before the pandemic and the Russia-Ukraine war, climbed past 90% after 2022 and has stayed around 92% to 93% for nearly three years. She linked the deterioration to the surge in natural gas prices after Russia’s invasion of Ukraine, saying CPC absorbed most of the added cost under government price-freeze policies. The Ministry of Economic Affairs has planned two separate items in its 2026 supplementary budget: TWD 238.8 billion for a capital injection into CPC and TWD 108.9 billion in subsidies for frozen prices on gasoline, diesel, natural gas and bottled LPG. Wei said the two are not overlapping, with subsidies covering policy-driven losses and the capital injection aimed at repaying old debt and lowering interest expenses.