CPC Corp. Taiwan to boost foreign business

CPC Corp., Taiwan, a state-owned petroleum and gasoline supplier, is going to set up a foreign trade department by the end of this year to tap the global market, aiming to raise export revenues to 30% of the total in the next five to seven years, according to CPC Chairman Shih Yen-shiang. Shih said that Taiwan’s gasoline market is saturated, being completely dominated by CPC and Formosa Petrochemical Co. Shih said that the foreign trade department will engage in importing and exporting gasoline and petrochemical products, and, above all, in exploring foreign markets to sell CPC products worldwide. CPC will compete against its local counterpart Formosa Petrochemical overseas, as the latter has been more active in the global market. (July 29, 2009)