Taiwan’s CPC Looks to Invest in US Shale
Taiwan’ state-owned energy giant CPC Corp is considering the possibility of investing in shale gas extraction and a petrochemical plant in the US, company chairman Chen Chin-te, told the Taiwan central news agency.
Chen, who is scheduled to depart for the US on Jun. 14 on a fact-finding visit, said CPC and its affiliates would like to invest about $10 billion in the country, with the aim of adopting more advanced technology to produce higher-quality ethylene at a lower cost. During his visit, Chen will be accompanied by minister without portfolio Ho Mei-yueh to explore the possibility of investing in natural gas in Louisiana.
However, an issue of concern is whether petrochemical products from CPC would have a strong market in the US, given President Donald Trump’s stance on making American manufacturing a top priority.
In February, CPC announced it would invest $6.85 billion in Taiwan over the next six years. Projects include a liquefied natural gas (LNG) receiving terminal in Taoyuan City, with operations set to begin in 2023; a second-phase expansion of the Taichung LNG terminal; and upgrading the Taoyuan oil refinery.
In addition, CPC and (undisclosed) partners will jointly provide about $1.2 billion for three facilities to produce hydrocarbon resins, isononyl alcohol and styrene.
