CPC Corporation

This article is about the state-owned enterprise in Taiwan. For the state-owned enterprise in China, seeChina National Petroleum Corporation.

CPC Corporation

CPC BuildinginXinyi Special District,Taipei
Trade name	CPC
Native name	Đài loan trung du cổ phân hữu hạn công tư
Company type	Joint-stock company(State-owned enterprise)
Industry	Oil and gas
Founded	1 June 1946(1946-06-01)
Headquarters	Kaohsiung City , Taiwan
Key people	Tai Chein (Chairman)
Products	Petroleum Natural gas Gasoline
Revenue	NT$1,187.7 billion (2013)
Number of employees	14,787
Parent	Ministry of Economic Affairs
Subsidiaries	CPC Corporation, Taiwan-Libya Branch
Website	www.cpc.com.tw/en

TheCPC Corporation(Chinese:Đài loan trung du;pinyin:Táiwān Zhōngyóu;Pe̍h-ōe-jī:Tâi-oân Tiong-iû;lit.'Taiwan Chinese Petroleum') is a state-ownedpetroleum,natural gas,andgasolinecompany inTaiwanand is the core of the Taiwanesepetrochemicalsindustry.

History

Early history

CPC was founded on 1 June 1946 inShanghaiasChinese Petroleum Corporation( trung quốc thạch du ) by the government of theRepublic of China(ROC, then on Mainland China). With theKuomintang's retreat to Taiwan after theChinese Civil War,CPC was transferred from the Council of Resources to theMinistry of Economic Affairs.The company merged all relevant facilities and companies (Japanese 6th Naval Fuel Depot,Teikoku Oil,Nippon Oil,etc.) in Taiwan. Its main businesses include surveying, extracting, refining, transporting, and selling petroleum. It also produces various chemicals and has retail outlets all over Taiwan. CPC's fixing of petrol prices helped Taiwan through the1970s Energy Crisis.

Democratization and modern history

Taiwan's petroleum industry was a CPC monopoly prior to June 1996. However, deregulation allowed the establishment of privately owned and operated petroleum refinery enterprises, leading toFormosa Plastics Group's launch ofFormosa Petrochemical Corporation( đài tố thạch hóa ). In February 2007, the company's board approved name change to "CPC Corporation Taiwan"and the Chinese name from trung quốc thạch du to đài loan trung du.This was to avoid confusion withPetroChina,theChinastate-run corporation which also has the Chinese name trung quốc thạch du, and was part of government efforts tode-SinicizeTaiwanese entities which have "China" in their names. However, theKuomintangpolitical party argued that the name change is not valid because no legislation was passed in the legislature to support it. KMT believes that the approval of theLegislative Yuanis required before a state-owned company can change its name.

In December 2018, production started at the Prelude floating liquefied natural gas facility in Australia, which is the world's largest floating production structure. The company holds shares alongside investorsShell,Inpex Corporation, andKorea Gas Corporation.

Somaliland oil blocs concession company's Genel/ CPC Taiwan, Somaliland estimates of crude oil is 30Bn, exploration in place for 2024-2025 with contracts with CPC Taiwan, Previous Oil drills from Mobil, Chevron, Shell offshore showed no oil shows of few 19 wells drilled as Genel found new areas to drill for crude in southern central Somaliland estimates stand at 42OIIP and 30Bn Barrles, Bahadhamal oil Discovery showed CPC/Genel oilshows around 2 Barrel's in Somaliland Bloc and prepare for exploration wells on Somali plate Tectonics.

In 2019 a Norwegian tanker namedFront Altaircarrying a cargo ofnaphthafor CPC Corporation wasattacked in the Gulf of Oman.The entire NT$1.07b (US$34m) cargo was lost but the crew escaped unharmed and the cargo was insured. After insurance CPC Corporation incurred direct costs of NT$8m (US$254,000) associated with the incident.The cargo represented two days of Taiwanese consumption but had minimal impacts as the company had 45 day supply in reserve.

In 2020 the first shipment ofcarbon-neutralliquified-natural gas arrived at CPC's Yung-An LNG Terminal inKaohsiung.The shipment was the first in a new program designed to render fuel imports carbon-neutral by buyingcarbon creditson the global market. The initial purchase fromShell Eastern Tradingwas for credits certified by the UN'sREDD+program which supports forests in developing countries.

In 2020 CPC saw the first shipment of crude from theChadianOryx field, CPC had first begun exploration in Chad in 2006.

Facilities

• 
  A CPCpetrol stationinLienchiang County.
• 
  Prices outside station onFuxing North Road(July 2020)
• 
  CPCC Gueishan oil refinery
• 
  Shen'ao port inRuifang District,New Taipei CityandSheng Yun,IMO number:9737022
• 
  CPC No.10 fuel barge inKeelung Harbor
• 
  CPC No.9 fuel barge in Keelung Harbor

In 2019 CPC announced the construction of a third LNG terminal, a facility in Taoyuan expected to be completed by 2023 with an initial capacity of 1 million tonnes per year (tpy).

In 2019 CPC received approval from the Environmental Protection Administration to construct a LNG terminal inTaichung.

Suppliers

CPC Corporation was a historic buyer of Iranian oil and received a sanctions waiver from the United States when they imposed sanctions on Iranian oil imports.Despite receiving a sanctions waiver CPC Corporation chose to end its use of Iran as a source country.

In 2018 CPC signed an agreement with AmericanCheniere Energyto purchaseliquefied natural gasfor 25 years. Deliveries are set to begin in 2021.

Chairpersons

• Chen Chin-te(12 September 2016 – 18 August 2017)
• Yang Wei-fuu(30 August 2017 -) (acting)

See also

• CPC Corporation F.C.
• List of companies of Taiwan
• Economy of Taiwan
• Energy in Taiwan
• Ministry of Economic Affairs (Taiwan)
• Taiwan Power Company
• Taiwan Water Corporation

External links

• CPC homepage