State-run CPC Corp, Taiwan (CPC, 台灣中油) aims to double sales by 2015 partly by increasing production of gasoline and diesel, chairman Chu Shao-hua (朱少華) said at a media briefing yesterday.
The refiner has set a target to boost annual revenues to NT$1.5 trillion (US$47 billion) by 2015, from NT$735 billion last year, Chu, a former CPC president, said in Taipei, after being sworn in as company chairman.
“We’re reducing output of low-priced fuel oil and increasing production of high-value gasoline and diesel,” Chu said.
CPC operates three refineries — the Kaohsiung and Talin plants in Kaohsiung City and a Taoyuan plant — with a combined processing capacity of 720,000 barrels of crude a day.
CPC will increase overseas sales to help boost revenue, said Chu, 63, who was appointed as CPC chairman by the government last week.
CPC currently exports about 10 percent of its oil products, company president Lin Maw-wen (林茂文) said.
The company is also seeking to expand its exploration and production business, including purchases of rights to oil and gas fields from Beijing-based China National Offshore Oil Corp (中國海洋石油) and China National Petroleum Corp (中國石油天然氣集團), Lin said.
CPC said in June last year it expected to complete a NT$30 billion unit at the Talin plant, its biggest refinery, before the end of 2012 to boost production of auto fuels.
The residual fluid catalytic cracker will be able convert residual oil into higher value refined products, such as gasoline and diesel, the company said in a statement.
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