CPC Corporation

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CPC Corporation, Taiwan
Native name
台灣中油股份有限公司
Joint-stock company (State-owned enterprise)
Industry Oil and gas
Founded 1 June 1946 (1946-06-01)
Headquarters Taipei City, Taiwan
Key people
Lin Sheng-Chung (Chairman)
Products Petroleum
Natural gas
Gasoline
Revenue TWD 1,187.7 billion (2013)
Number of employees
14,787
Parent Ministry of Economic Affairs
Subsidiaries CPC Corporation, Taiwan-Libya Branch
Website en.cpc.com.tw

CPC Corporation, Taiwan (Chinese: 台灣中油, literally Taiwan China Petroleum) is a state-owned petroleum, natural gas, and gasoline company in Taiwan and is the core of the Taiwanese petrochemicals industry.

History[edit]

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). However, the company was founded by merging all relevant facilities and companies (Japanese 6th Naval Fuel Depot, Teikoku Oil, Nippon Oil, etc.) in Taiwan. With the Kuomintang/ROC's retreat to Taiwan after the Chinese Civil War, CPC was transferred from the Council of Resources to the Ministry of Economic Affairs. 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[citation needed].

Taiwan's petroleum industry was a CPC monopoly prior to June 1996, when the establishment of privately owned and operated petroleum refinery enterprises were allowed. However, deregulation allowed private firms to invest, leading to Formosa Plastics Group's launch of CPC competitor Formosa Petrochemical Corporation (台塑石化). Then on 9 February 2007, the company's board approved the name change to "CPC Corporation Taiwan" and the Chinese name from 中國石油 to 台灣中油, effective immediately.[1] 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 the many 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.[2]

See also[edit]

References[edit]

  1. ^ Central News Agency - Republic of China (Taiwan) (2007-02-10), Name Change Of CPC To Take Effect Immediately: Economics Minister 
  2. ^ Shan, Shelley; Lin, Jackie; Chuang, Jimmy; Shih, Hsiu-chuan (2007-02-13), "Postal service, oil refiner change names", Taipei Times 

External links[edit]