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Top Russian oil executive says Taiwan issue being hyped up

Igor Sechin pointed to a bill targeting the chip industry signed into law by US President Joe Biden in August

BAKU, October 27. /TASS/. The exaggerated hype around Taiwan has been mostly driven by the interests of remote players, the head of Russia’s largest oil company told the 15th Verona Eurasian Economic Forum in Baku on Thursday.

Commenting on the congress of the Communist Party that recently concluded in China, Rosneft CEO Igor Sechin said: "All the congress decisions are distinguished by their strategic nature and deep reasoning with an integrated approach involved. I am confident that their implementation would elevate China to a new level of development in all spheres."

Sechin highlighted the way the Chinese leadership had been handling the most complicated issues, including that of Taiwan. "This problem is seemingly being hyped up, as usual, and from afar, but I believe it will subside," he stated.

The chief executive of Rosneft pointed to a bill targeting the chip industry signed into law by US President Joe Biden in August. The idea behind it is to accelerate the production of complex logistics chips which the US has so far been importing from Taiwan. Under the legislation, some $200 billion in subsidies and research will be channeled to develop the $52 billion program until 2027.

"Thus, we can assume that this program is, conditionally speaking, a ticket to Taiwan's return to its native harbor in the planned time frame," Sechin said.

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