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About CPC

CPC Corporation, Taiwan (CPC) is the foremost energy enterprise in the Republic of China.

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About CPC

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1.Qatar Fuel Additives Company Limited (QAFAC)

QAFAC is a joint-venture between CPC and other, mainly Middle East, entities. Industries Qatar - in which Qatar Petroleum Corporation is the largest shareholder - holds 50% of the shares, CPC holds 20%,  LCY Investments Corp. holds 15%  and Dubai-based International Octane LLC holds 15%.The company is located in Qatar’s Mesaieed Industrial District, some 20 km south of the capital Doha. Its methanol and MTBE products are marketed worldwide, including in Taiwan and China. 

The joint-venture agreement was signed in Doha on June 5, 1996. Plant construction, supervised by CPC’s CEO and a dedicated team of 70, commenced in July 1997 under severe weather conditions. It was completed 90 days ahead of schedule, allowing both huge savings in construction costs and for production to start early.  QAFAC  was incorporated on June 20, 2000 with paid-in capital of US$380 million; CPC’s investment was US$76 million and as of October 2013 it had received US$422.36 million in dividends – a 555% return!

Having the advantage of unlimited and low-priced suppl ies of locally-produced natural gas and butane means that QAFAC’s methanol and MTBE are very competitive against those of its peers. CPC ‘s visionary investment  in QAFAC and its production plant, together with its provision of technological support, has resulted in expansion both of its business interests and global presence.


2. Taiwan Advanced Materials Corp. (TAMC)

In response to the government’s policy of developing a high-value petrochemical industry and reinforcing corporate vertical integration, CPC has signed a joint-venture agreement with TSRC Corporation and Fubon Financial to create Taiwan Advanced Materials Corp. (TAMC). The company ‘s formal inception was on January 31, 2012 and marked CPC’s first foray into high-value petrochemical s. CPC plans to utilize its own unsaturated C5 hydrocarbons as the feedstock for isoprene, PIP and DCPD; these can then generate high value-added by-products such as SIS triblock copolymer and C5 tackifier. TAMC’s total paid-in capital at inception was NTD8.6 billion (half from shareholders and half from bank loans); CPC holds 49% of the shares, TSRC holds 48% and Fubon Financial 3%.

TAMC is currently working on securing approval of its Environmental Impact Statement and on detailed planning of its plant’s construction, with completion estimated by 2015. This enterprise  is going to be a significant item in CPC’s long-term development plans.


3.Chun Pin Enterprise Co., Ltd. (Chun Pin)

Chun Pin was established on October 27, 1998 with its major shareholders CPC and Ocean Plastics Co. Ltd (OPC) holding 49% and 45% of the shares respectively. Its paid-in capital was then NTD 650 million, of which CPC contributed NTD318.5 million.

Together with Keelung Maritime and Port Bureau, Chun Pin earlier signed the “Port of Taipei Wharf E2 Temporary Oil Reserve Storage and Wharf E4, E5 and E6 Joint-Venture Agreement” and accordingly both leased 3.2 hectares of land and funded construction of an oil storage facility and wharves. In return, the company gained the rights to 15 years’ exclusive use of those installations and 27 years of priority docking at Wharf E4 and Wharf E5. The Chun Pin Port of Taipei Oil Reserve Storage & Distribution Center opened for business on May 27, 2006 and operates effectively and efficiently with only 22 employees. Its annual oil-handling capacity has grown from 300,000kl in 2006 to 740,000kl in 2010, surpassing the Maritime and Port Bureau’s standard of 650,000kl. In both 2011 and 2012, throughput reached 880,000kl; for the period January through September 2013, it reached 850,000kl. Chun Pin is now the leading business in the Port of Taipei Oil Reserve Storage & Distribution Center and its accumulated share dividend has reached NTD77 million.


4.Faraway Maritime Shipping Company (FMSC)

CPC, Oxbow Holdings Inc. and Golar Maritime (Asia) Inc. signed a joint venture agreement on June 14, 2007 by which Faraway Maritime Shipping Company (FMSC) came into being. It is manifested in its chief asset, the LNG tanker Golar Mazo.  CPC holds 40% of the shares, Oxbow Holdings Inc. holds 40% and Golar Maritime (Asia) Inc. holds 20%. Total paid-in capital was $256.5 million, comprised of $56.43 million in equity funds contributed pro rata by the three shareholders (i.e. $22.57 million from CPC) and the balance from bank loans.

The Golar Mazo has been leased to Pertamina for 18 years, from its delivery in January 2000, for transporting LNG from Indonesia ‘s Badak VI field. The ship has a load capacity of 135,000m³ of LNG and was built at the Nagasaki Shipyard & Machinery Works of Mitsubishi Heavy Industries, Ltd. (MHI). 

The annual operating income guaranteed by the lease  - for 18 years up to  2017 – gives FMSC  a stable business base.  As of now, CPC’s accumulated share dividends have  reached $39.37 million.


5.NIMIC Ship Holding Co.(NSHC) & NIMIC Ship Management Co. (NHMC)

CPC became an investor in NIMIC Ship Holding Co. on October 31, 2013 by taking up 45% of the shares; the other shareholders, Mitsui & Co. Ltd and NYK Line, each hold 22.75%. There are four NSHC subsidiaries, each structured around ownership of one LNG tanker. CPC’s investment in NSHC enables it not only to execute the RasGas II LNG contract but also to fulfill its responsibility both for supplying gas to Taiwan Power Company’s Datan  plant and for supporting Taiwan’s continuous growth in domestic demand for natural gas. Its accumulated dividends have now reached $11.97 million.

The four LNG tankers, each 289.5m in length and with a beam of 49m, are named Taitar No.1 to No.4,  are each of 145,000m³ capacity and are all equipped with the MOSS cargo system. They were delivered in October 2009, December 2009, January 2010 and October 2010 respectively; and have since been transporting LNG from RasGas II to the Port of Taichung. Each transit takes up to 28 days, so the four tankers can make altogether about 50 transits in a year. 

CPC (holding 45% of the shares) and NYK (55% of the shares) have jointly established the NIMIC Ship Management Co. (NHMC) – which has a branch office in Taiwan – to manage routing, human resources and periodical maintenance for Taitar No.1 to No.4. This has already had a positive impact on management technology and talent incubation for LNG tankers generally.