Taiwan’s leading petroleum company CPC Corp. will invest NT$212.57 billion (US$6.85 billion) over the next six years, Chairman Chen Chin-de said at a news conference Feb. 9 in Taipei City, adding that these projects will fast-track adjustments to the country’s power generation portfolio as Taiwan moves toward becoming a nuclear-free homeland.
“The initiatives are in line with the government’s vision of fostering green energy, ensuring nuclear safety, gradually phasing out nuclear power and promoting a low-carbon economy,” he said.
According to the state-run enterprise, the investments focus on enhancing the flexibility and stability of natural gas supply, improving oil refining methods to reduce air pollution, and supporting policies regarding the circular economy and public safety.
Among these projects, CPC will invest NT$60 billion in a liquefied natural gas receiving terminal in Taoyuan City in order to meet increasing consumer demand and help supply Datan Power Plant in the northern Taiwan metropolis, the chairman said. With operations set to commence in 2023, the new LNG terminal will be able to receive 3 million tons of natural gas every year.
Another NT$23.7 billion will be spent on the second-phase expansion of the Taichung LNG receiving terminal in the central Taiwan municipality, which includes setting up three storage tanks and additional equipment, as well as installing more transmission pipelines to better supply northern and central Taiwan.
In an effort to reduce smog pollution, CPC plans to spend NT$38.4 billion on replacing aging facilities at its oil refinery in Taoyuan, according to Chen. By introducing new equipment and technology, CPC will be able to supply products that meet stringent environment standards.
To shoulder its corporate social responsibilities, CPC is set to relocate its 300-plus petroleum tanks and relevant transmission facilities scattered throughout the Kaohsiung Harbor area to a NT$53.6 billion storage center to be set up on land reclaimed from the sea.
In addition to ensuring better facility management and operational safety, this measure will help develop the southern Taiwan port city into a regional storage and distribution center and create additional business opportunities for the local petrochemical sector, Chen said.
At the same time, CPC and its partners at home and abroad will jointly provide NT$36.7 billion for three facilities to produce hydrocarbon resin, isononyl alcohol and styrene, respectively.
Established in 1946 with a mandate to lead the energy sector of the Republic of China (Taiwan), CPC is the leading supplier of petroleum products in the country and accounts for more than 70 percent of the local market, with revenues totaling NT$843.66 billion in 2016. (SFC-E)
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