The privatisation of CPC
Chinese Petroleum Corporation (CPC) is the No.1 enterprise in the Republic of China with 18,900 employees and a variety of functional units around the island. As a state-run enterprise, our company is responsible for the development and supply of petroleum and natural gas, and is the core of Taiwan's petrochemical industry.
Following the Government's move toward privatization of state-owned enterprises and an open domestic petroleum market, CPC is now making provisions to meet the tough competition ahead and to achieve its scheduled privatization by 2001. Our vision of the future is to become a safer, cleanr, and internationally more competitive energy conglomerate in the next century.
2003-8-1 Asia Chemical Weekly
Woes hamper CPC privatisation
The privatisation of Chinese Petroleum Corp (CPC) will be 'impossible' to achieve this year because of politics and other problems, a source said.
A source from CPC said there is 'not enough time' to sort out all the problems, including labour concerns about job security.
The Taiwan government, which owns 100% of CPC, wants to sell more than 50% of its stake. It is expected to maintain a 34% stake in the company after it is privatised.
2003/3/18 Financial Times
China American Petrochemical to start trial run of new PTA plant run
China American Petrochemical Co., Ltd. (CAPCO), a local PTA (purified terephthalic acid) producer, will start trial run of a new PTA plant at the end of this month. CAPCO has completed the new PTA plant in the Taichung Harbor area located in Taichung County, central Taiwan. The new plant has an annual production capacity of 700,000 metric tons, larger than the 450,000 metric tons for most of the newly established PTA plants around the world, CAPCO indicated.
CAPCO's Sixth PTA Plant
Chinese American Petrochemical Company (CAPCO) is again proceeding with plans to build a sixth pure terephthalic acid (PTA) plant in southern Taiwan. CAPCO is a Taiwan-U.S. joint venture formed in 1976. U.S. partner Amoco holds a 50 percent stake in the project with Chinese Petroleum Corp. and the Central Investment Holding Company splitting the remaining half.
Taiwan CPC to scrap, replace No 3 petrochemical complex by 2010
The new cracker would have the capacity to produce 1-mil mt/yr of ethylene; 500,000 mt/yr of propylene and 140,000 mt/yr of butadiene.
2004/9/4 The China Post
CPC mulls joint naphtha cracker plant with Saudi Arabian company
Chinese Petroleum Corp. (CPC) is in talks with Saudi Basic Industries Corp. (SABIC) on a joint-venture naphtha cracker plant in Saudi Arabia.
The NT$120 billion project is expected to achieve an annual ethylene capacity of 1.2 million tons and CPC wants to contribute at least half of the capital to the investment, CPC said.
SABIC is ranked the world's 11th chemical producer, and the third largest PE supplier. Seventy percent of the company is controlled by the Saudi Arabia government, and the remainder by other Gulf countries.
Other than the naphtha cracker plant, CPC is also planning to invest US$540 million for a methanol plant through the Qatar Fuel Additives Company (QAFAC), a company of which CPC holds 20 percent of the stake.
International oil companies like ExxonMobil, BP, Shell and Dow have been investing in China, but petrochemical and downstream oil companies in Taiwan are restrained from setting up plants in China, or injecting capital into a mainland entity over a certain level.
Still, compared to China, raw materials of oil products are a lot cheaper in the Middle East.
"Although there are constrains over time and distance, the prices of the Middle East oil products are still competitive after swapping in the market," a CPC official said. "Our investment in QAFAC has turned profitable four years ago, and now sees an annual profit of US$120 billion."
As a state-run company that has had business relations with the Arab companies, CPC is better positioned to seek alternatives for oil materials in the Far East.