POWER POSITIONCEFC holds the production vice president position, meaning it could direct oil field production and potentially monopolize the venture, a DPP legislator said
Taipei Times
Date: Sep 27, 2017
By Chen Wei-han / Staff reporter
State-run oil refiner CPC Corp, Taiwan (CPC) last year sold half of its stake in an oil
From left, National Chengchi University professor Hsueh Hua-yuan, Democratic Progressive Party Legislator Su Chih-feng and former CPC Corp, Taiwan Chad mining office director Chen Tzu-yu hold a news conference in Taipei yesterday concerning CPC’s sale of oil field project shares to CEFC China Energy Co. Photo: Peter Lo, Taipei Times
exploration project in Chad to CEFC China Energy Co, potentially giving the venture to the Chinese conglomerate, which allegedly has Chinese People’s Liberation Army (PLA) connections, a Democratic Progressive Party (DPP) lawmaker said yesterday.
CPC has cooperated with the Chadian government in developing an oil field since 2006, with CPC holding a 70 percent stake in the project and the government holding the remaining 30 percent.
CPC in 2011 announced that it had made a crude oil discovery and would begin drilling, a milestone for Taiwan’s oil supply industry, but in 2015 the company announced that it would sell half of its share to CEFC, a deal that was completed last year. [FULL STORY]