CPC Corp., Taiwan opens oil trading office in Singapore

State-owned refiner CPC Corp., Taiwan has set up its first overseas oil trading company in Singapore.
“As a refiner, we produce a lot of petroleum products. But we need to sell when there’s excess and buy when there is a shortfall,” CPC Chairman Lin Sheng Chung told Reuters.
The idea of re-establishing an office in Singapore, after its closure a few years back, was conceived last year, Lin said.
CPC International Trading Pte Ltd will start with oil tanker chartering and commence crude and oil products trading at a later stage, he said.
Steve Lin, managing director of the trading company, said the unit’s staff is expected to grow to more than 10 people, from the current three.
CPC operates three refineries with a total capacity of 720,000 barrels per day (bpd) in Taiwan.