Taiwan News
Date: 2016-09-05
By: Huang Li-yun and Frances Huang, Central News Agency

Taipei, Sept. 5 (CNA) CPC Corp., Taiwan, the state-owned oil supplier, has handed over half of its oil exploration project in Chad to China CEFC Energy Co. in a bid to reduce possible risks associated with the project and lower the Taiwanese firm’s financial burden.

According to the transfer agreement between CPC and China CEFC Energy, the Chinese firm spent US$114 million to take over 35 percent of the oil exploration rights to the Chad project from the Taiwanese oil supplier.

After the transaction, CPC now owns 35 percent and China CEFC Energy has gained an additional 35 percent of the exploration rights to the Chad project, while the African country still keeps the remaining 30 percent, the Taiwanese oil firm said.

Chad is one of the major oil-producing countries in Africa. CPC began to seek oil exploration deals in Chad in 2003.     [FULL  STORY]