CPC Corporation, Taiwan
CPC Corporation, Taiwan (Chinese: 台灣中油, literally Taiwan Chinese Petroleum) is a state-owned petroleum, natural gas, and gasoline company in Taiwan and is the core of the Taiwanese petrochemicals industry.
|Joint-stock company (State-owned enterprise)|
|Industry||Oil and gas|
|Founded||1 June 1946|
|Tai Chein (Chairman)|
|Revenue||TWD 1,187.7 billion (2013)|
Number of employees
|Parent||Ministry of Economic Affairs|
|Subsidiaries||CPC Corporation, Taiwan-Libya Branch|
CPC was founded on 1 June 1946 in Shanghai as Chinese Petroleum Corporation (中國石油) by the government of the Republic of China (ROC, then on Mainland China). With the Kuomintang's retreat to Taiwan after the Chinese Civil War, CPC was transferred from the Council of Resources to the Ministry 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 the 1970s Energy Crisis.
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 to Formosa Plastics Group's launch of Formosa Petrochemical Corporation (台塑石化). In February 2007, the company's board approved name change to "CPC Corporation Taiwan" and the Chinese name from 中國石油 to 台灣中油. This was to avoid confusion with PetroChina, the China state-run corporation which also has the Chinese name 中國石油, and was part of government efforts to desinicize Taiwanese entities which have "China" their names. However, the Kuomintang political 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 the Legislative Yuan is 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 investors Shell, Inpex Corporation, and Korea Gas Corporation.
- Central News Agency - Republic of China (Taiwan) (10 February 2007), Name Change Of CPC To Take Effect Immediately: Economics Minister
- Shan, Shelley; Lin, Jackie; Chuang, Jimmy; Shih, Hsiu-chuan (13 February 2007), "Postal service, oil refiner change names", Taipei Times
- "World's largest floating LNG platform starts production in Australia". Reuters. 26 December 2018. Retrieved 16 May 2019.
- "Prelude starts production". www.shell.com.au. Retrieved 16 May 2019.