Signaling further liberalization of the domestic petroleum market, President Chen Shui-bian (
Speaking at the event, Chen pledged to liberalize the oil market as part of the government's plan to meet the requirements of the World Trade Organization (WTO).
"To prepare for the expected WTO entry at the end of this year, Taiwan's monopolized oil market must be opened," Chen said.
PHOTO: CHANG CHIA-MING, LIBERTY TIMES
The president said that due to global competition, government policies should target ending the era of state-run monopolies and create an environment of fair competition.
"Regarding oil market liberalization, there is no excuse for any postponement and nor can we afford further delay," he said.
Formosa Petrochemical -- which currently has one retail gas station located in Linkou (林口) -- is expected to be a major competitor for the state-run Chinese Petroleum Corp (CPC, 中油), which has served as the island's sole oil supplier for decades.
Responding to questions concerning his company's ability to compete, CPC Chairman Chen Chao-wei said it is "ready to take on the challenge."
CPC recently embarked on a massive advertising campaign to establish brand name popularity prior to Formosa's brand launch. Formosa and CPC will battle for the island's commercial gasoline and diesel fuel markets.
Formosa Petrochemical Co, an affiliate of the Formosa Plastics Group (FPG) has invested nearly NT$100 billion (US$3.25 billion) in its oil refinery in the FPG-developed naphtha cracker complex located in a coastal area of Yunlin County, central Taiwan. The refinery is designed to have a daily refining capacity of 450,000 barrels of crude oil. The first-phase refining facility offers commercial production of gasoline, diesel oil and other oil products. Since the state-run CPC currently monopolizes the domestic production of gasoline and diesel oil, consumers can anticipate Formosa Petrochemical offering cheaper oil products.
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