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. Last Updated: 07/27/2016

Taiwan Oil Strike

TAIPEI, Taiwan -- Taiwan state oil giant Chinese Petroleum Corp. stood firm on Monday in the face of a threatened Jan. 1 one-day strike, vowing to gradually shut down the production lines that would be affected.

Because winding down requires up to three days, the first shutdowns would have to take effect Tuesday at the company's two main refineries and one petrochemical plant in southern Kaohsiung, executives said.

Direct negotiations with the oil workers' union would continue through the week even as the shutdowns were being widened, executives said, in hopes of reaching a settlement before operations ground to a complete halt. The dispute is over holiday overtime pay.